USD/JPY gyrates 121.00 ahead of US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD/JPY pair is trading around 121.00 handle ahead of the third quarter GDP and core PCE release.

    Supported at 120.84

    The pair found support at 120.84 (previous day’s low) to trade around 121.00 levels. The bid tone on the JPY has strengthened after the initial positive reaction in the equities following the Fed’s liftoff faded away.

    The Q3 US GDP could turn out to be a non-event for the markets unless the number is revised significantly higher/lower. Meanwhile, the action in the US stock markets would also influence the pair.

    USD/JPY Technical Levels

    At 121.01, the immediate resistance is seen at 121.54 (hourly 200-MA), above which the gains could be extended to 121.80 (50-DMA). On the other hand, a break below 120.84 (daily low and previous day’s low) would expose 120.57 (Dec 14 low).
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