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USD/JPY hits fresh lows despite upward revision to US GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/JPY made a marginal new low for the week at the beginning of the American session despite strong US GDP data.

    Following several sessions moving laterally, USD/JPY came under renewed pressure on Tuesday and extended its pullback from 2 ½-month highs to a low of 122.35 so far. At time of writing, the pair is trading at 122.43, recording a 0.32% loss on the day.

    On the data front, US gross domestic product grew at a faster 2.1% pace in the third quarter instead of 1.5% previously estimated and slightly above the 2.0% rate expected.

    USD/JPY levels to watch

    In terms of technical levels, next supports are seen at 122.20 (Nov 16 low), 121.74 (100-day SMA) and 121.37 (200-day SMA). On the other hand, resistances could be found at 122.95 (Nov 24 high), 123.25 (Nov 23 high) and 123.74 (Nov 18 high) ahead of 124.15 (Aug 20 high).
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