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USD/JPY awaits US GDP Q3 final revision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - USD/JPY was offered in a tight, but volatile ranges in thin holiday markets early on overnight.

    The euro was one catalyst on the board in the US shift, but the Yen was unable to capitalise on the offer in the greenback below lows of 120.83 even while US stocks declined, although the 121 handle remains a solid platform again for the week by the looks of it. However, US data will start to flow in, the last for the year with GDP Q3 final revisions.

    Poor data might have a bit of an impact but we may need to wait for the New Year on a level playing field to see the full market reactions. "We expect Q3 GDP to be revised down by 0.4pp in the second estimate to 1.7% (Consensus: 1.9%), from 2.1%," explained analysts at Nomura today. Then we get the BoJ minutes later before we bring out the turkey!

    USD/JPY 2016 was a topic discussed last Friday. FXStreet hosted a special event about what 2016 might hold for the Forex traders. The panelists were Ashraf Laidi, Boris Schlossberg, Adam Button and Valeria Bednarik. Today, we want to share with you the recording of the whole show. Watch now and look out for BoJ, Yen, currency wars and Fed commentary.

    USD/JPY levels

    Earlier, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, however, the bearish trend is clearer, as the price has extended further below its moving averages, whilst the technical indicators maintain their bearish slopes within negative territory. Renewed selling interest below 120.70 can see the pair extending its decline down to 120.35, a strong static support level where buying interest is expected to surge.

    For more information, read our latest forex news.

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