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27 Mar 2015
USD/JPY: Nears 50-DMA
FXStreet (Mumbai) - The USD/JPY pair recovered from the low of 119.05, to trade at the session high of 119.44, which is few pips short of 50-DMA located at 119.46.
USD gains ahead of GDP data
The US dollar is being bought ahead of the data in the US, which is likely to show final fourth quarter GDP at 2.4%. Moreover, the USD is being bought despite a possibility of growth having slowed further in Q1. The recovery in the USD was triggered in the previous session by a better-than-expected weekly jobless claims data and services PMI data.
Meanwhile, stability in the major equity markets is also weakening Yen, which was a major beneficiary of safe haven flows in the last two trading sessions.
USD/JPY Technical Levels
The immediate resistance is seen at 119.46 (50-DMA), above which gains could be extended to 119.72. On the flip side, a break below 119.23 (100-DMA), could drive the pair lower to 119.00 levels.
USD gains ahead of GDP data
The US dollar is being bought ahead of the data in the US, which is likely to show final fourth quarter GDP at 2.4%. Moreover, the USD is being bought despite a possibility of growth having slowed further in Q1. The recovery in the USD was triggered in the previous session by a better-than-expected weekly jobless claims data and services PMI data.
Meanwhile, stability in the major equity markets is also weakening Yen, which was a major beneficiary of safe haven flows in the last two trading sessions.
USD/JPY Technical Levels
The immediate resistance is seen at 119.46 (50-DMA), above which gains could be extended to 119.72. On the flip side, a break below 119.23 (100-DMA), could drive the pair lower to 119.00 levels.