USD/JPY parked around 103.50, US GDP eyed
The Japanese Yen is sharply higher vs. the greenback on Friday, taking USD/JPY to the mid-103.00s for the time being.
USD/JPY lower on BoJ, focus on US data
Spot met increasing downside pressure following the disappointment by the Bank of Japan at today’s meeting.
The central bank has ‘only’ increased its purchases of ETF to ¥6 trillion against expectations of additional measures (including rate cuts), although Governor Kuroda later argued the bank will review the current QQE programme before taking further actions.
Next on tap for the pair will be advanced US Q2 GDP figures, with consensus expecting the economy to expand at an annualized 2.6%.
USD/JPY levels to consider
As of writing the pair is losing 1.62% at 103.56 and a breakdown of 102.72 (low Jul.29) would open the door to 102.29 (61.8% Fibo of 99.08-107.48) and then 100.88 (78.6% Fibo of 99.08-107.48). On the upside, the initial hurdle aligns at 105.95 (55-day sma) followed by 107.48 (high Jul.21) and finally 107.83 (100-day sma).
Author
Pablo Piovano
FXStreet
Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.
