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
    Likes Received:
    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).
    For more information, read our latest forex news.

Share This Page

free forex signals