USD/JPY Current price: 120.93
View Live Chart for the USD/JPY
Still bearish, but little chances of a downside breakout. The USD/JPY pair hovers around the 121.00 level, hardly affected by US macroeconomic readings. The third quarter GDP was finally revised lower towards 2.0% from a previous estimate of 2.1%, although the result beat expectations of a 1.9% growth. Personal consumption expenditures rose in the same quarter, although the dollar failed to rally with the news. In fact, thin markets are still the main theme, and it would likely extend until early January. In the meantime, the technical picture is still bearish, as in the 1 hour hart, the price develops below its moving averages whilst the technical indicators are barely bouncing from oversold territory. In the 4 hours chart, the Momentum indicator diverges from price action, as this last remains near the los, whilst the indicator has recovered up to its mid-line. The RSI indicator in this last time frame however, maintain the negative bias, supporting a downward continuation on a break below 120.70 the immediate support.
Support levels: 120.70 120.35 119.90
Resistance levels: 121.40 121.70 122.20
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