USD/JPY Hikes On Strong U.S. dollar performance
Japanese inaugurated early trading session with data not up to expectations with Final GDP q/q at 0.3% compared to 0.2%, while forecasts were 0.4%. Japanese Final GDP Price didn't add any change and remained the same at -0.1%. As a result, USD/JPY sank to 113.60 low, then shifted the course and clocked a high 114.20 due to strong U.S. dollar performance as U.S. index peeked to 101.98.
Technical levels to watch :
Trend : Bullish Sideways
Daily Pp 113.95
Resistance levels : R1 114.15, R2 114.60, R3 115.40
Support levels : S1 113.57, S2 112.90, S3 112.35
Remark : The market remains bullish due to strong U.S. dollar. A penetration for R1 level will increase further bullish waves towards R2 level. Closing below S2 level is needed for trend reversal.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.