• USD/JPY is declining modestly towards 127.00 as investors await US PCE and GDP.
  • The annual US GDP is seen stable at -1.4% while the PCE is seen firmer at 7%.
  • The yen bulls have delivered a decent performance this week on upbeat PMI numbers.

The USD/JPY pair has witnessed a minor correction after failing to cross 127.50 as investors are keeping an eye on the US Gross Domestic Product (GDP) numbers, which are due on Thursday. The annual GDP is seen stabled at -1.4%.

The asset has remained vulnerable in the past few trading sessions amid weakness in the US dollar index (DXY). The DXY has delivered a subdued performance from the last week after printing a 19-year high of 105.00 on May 13. Investors have dumped the greenback heavily at elevated levels amid a rebound in the risk-on impulse, which diminished the safe-haven appeal.

Consecutive 50 basis points (bps) interest rate elevation by the Federal Reserve (Fed) in June monetary policy is the talk of the town and it looks like investors have already priced in the extreme hawkish stance by the Fed.

Apart from the US GDP numbers, investors will also focus on the quarterly Core Personal Consumption Expenditure (PCE), which is also seen stabled at 7%. A higher-than-expected Core PCE figure could force the Fed to sound more hawkish than the current usual.

On the Japanese front, the yen bulls have performed better this week on upbeat Jibun Bank Purchase Managers Index (PMI) numbers. The Manufacturing PMI landed at 53.2, against the forecasts of 52 while the Services PMI was recorded at 51.7, higher in comparison with the estimates of 50.6.

USD/JPY

Overview
Today last price 127.22
Today Daily Change 0.40
Today Daily Change % 0.32
Today daily open 126.82
 
Trends
Daily SMA20 129.24
Daily SMA50 126.06
Daily SMA100 120.65
Daily SMA200 116.62
 
Levels
Previous Daily High 128.09
Previous Daily Low 126.36
Previous Weekly High 129.78
Previous Weekly Low 127.02
Previous Monthly High 131.26
Previous Monthly Low 121.67
Daily Fibonacci 38.2% 127.02
Daily Fibonacci 61.8% 127.43
Daily Pivot Point S1 126.09
Daily Pivot Point S2 125.36
Daily Pivot Point S3 124.36
Daily Pivot Point R1 127.82
Daily Pivot Point R2 128.82
Daily Pivot Point R3 129.55

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD extends slide to fresh two-week lows below 1.0400

EUR/USD extends slide to fresh two-week lows below 1.0400

Following a short-lasting recovery attempt in the early European session, EUR/USD has met fresh bearish pressure and declined below 1.0400. The dollar continues to gather strength amid risk aversion as investors await the PCE inflation data from the US.

EUR/USD News

GBP/USD stays below 1.2150 ahead of US data

GBP/USD stays below 1.2150 ahead of US data

GBP/USD is having a tough time gaining traction and trades below 1.2150 on Thursday as the dollar holds its ground in the risk-averse market environment. The US Bureau of Economic Analysis' PCE inflation data will be looked upon for fresh impetus.

GBP/USD News

Gold stays on the back foot, retreats toward $1,800

Gold stays on the back foot, retreats toward $1,800

Gold has lost its traction and declined toward $1,800 following a consolidation phase in the early European session. Although the benchmark 10-year US Treasury bond yield is down more than 1%, the broad-based dollar strength weighs on XAU/USD. 

Gold News

Crypto winter to resume in Q3

Crypto winter to resume in Q3

Bitcoin price, Ethereum and other cryptocurrencies are on the backfoot yet again – their moves accelerated after a panel discussion that was held at Siyntra for the ECB yearly economic forum.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures