USD/JPY Current price: 123.12
View Live Chart for the USD/JPY
Bullish above 123.55. The Japanese yen started the day advancing against most of its major rivals amid risk sentiment leading the way, with the USD/JPY falling down to 122.21. The currency however, changed course after the release of the latest GDP figures, showing that the economy contracted in the third quarter. Gross domestic product declined an annualized 0.8% in the three months to September, well beyond the 0.2% contraction forecasted. The negative reading fueled hopes of a QE extension in Japan, leading to a steady advance in the pair beyond the 123.00 level. Technically, the 1 hour chart shows that the price is well above its 100 and 200 SMAs, whilst the Momentum indicator continues heading higher above its 100 level, and the RSI indicator losses upward strength near overbought territory. In the 4 hours chart, the technical indicators have lost their upward momentum after crossing their mid-lines towards the upside, which at least should keep the downside limited during the upcoming hours. Should the price extend beyond last week high of 123.56, the pair has room to extend its advance up to 124.40, in route to the 125.80 year high.
Support levels: 122.80 122.30 122.00
Resistance levels: 123.55 123.90 124.40
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