USD/JPY: slightly offered ahead of Jackson Hole

Ross J Burland FXStreet

USD/JPY is a bit of a dead fish in the water as we open in Tokyo while markets have had very little to go on while we await the Jackson Hole and Yellen speaking.

There was some less than poor data from the US in durable goods overnight, a key component to the GDP figures that has been struggling to bounce back from a poor Q1. nonetheless, we will get the second estimate of the US GDP for Q2 tomorrow and should there be further downward revisions, this could overshadow anything remotely hawkish from Yellen and weaken the outlook for the greenback.

US key data wrap ahead of Jackson Hole - ANZ

USD/JPY levels

With spot trading at 100.45, we can see next resistance ahead at 100.49 (Daily Classic PP), 100.52 (Hourly 20 EMA), 100.53 (Daily Open), 100.53 (Weekly High) and 100.60 (Daily High). Support below can be found at 100.42 (Daily Low), 100.42 (Weekly Classic PP), 100.39 (Hourly 100 SMA), 100.39 (Hourly 200 SMA) and 100.34 (Daily Classic S1). Regarding candlestick formations, we can see Doji formation on the 1-hour.

GMT	Event	Actual	Consensus	Previous
Thursday, Aug 25
12:30	USD Durable Goods Orders ex Transportation	1.5%	0.5%	-0.3% Revised from -0.5%
12:30	USD Durable Goods Orders	4.4%	3.5%	-4.2% Revised from -4.0%
12:30	USD Initial Jobless Claims	261K	265K	262K
12:30	USD Continuing Jobless Claims	2.145M	2.153M	2.175M
13:45	USD Markit PMI Composite	51.5		51.8
13:45	USD Markit Services PMI	50.9	52.0	51.4
14:30	USD EIA Natural Gas Storage change	11B	18B	22B
15:00	USD Kansas Fed manufacturing activity	-7		-15
17:00	USD 7-Year Note Auction	1.423%		1.340%
Friday, Aug 26
24h	USD Jackson Hole Symposium

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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