USD/JPY Forecast: topped at 105.50 after US GDP release
|USD/JPY Current price: 105.17
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The USD/JPY pair topped at 105.50 this Friday, right after the release of better-than-expected US advanced Q3 GDP. According to preliminary estimates, the economy grew 2.9%, well below previous quarter final reading of 1.4%, r the 2.5% expected. Nevertheless, the pair is retreating towards the 105.00 level ahead of the US opening, with market still trying to figure out what to do next. The pair however, remains at multi-month highs, and the 1 hour chart shows that technical indicators have lost downward strength after reaching their mid-lines, whilst the price remains well above its 100 and 200 SMAs. In the 4 hours chart, technical indicators are retreating modestly from overbought levels, while the price remains well above its moving averages, limiting changes of a steeper decline. Previous weekly high at 104.85 is the immediate support, and the level to break to deny the bullish short term tone.
Support levels: 104.85 104.50 104.10
Resistance levels: 105.50 105.90 106.30
Interested in USD/JPY technicals? Check out the key levels
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