23 Dec 2014
USD/JPY extends gains on strong US GDP
FXStreet (Córdoba) - USD/JPY pushed a tad higher and printed fresh highs after the release of much better-than-expected US gross domestic product. However, a big miss in durable good orders tempered dollar’s rally.
USD/JPY extended intraday gains and hit its highest level since in two weeks at 120.47 so far. At time of writing, the pair is trading just below recent highs, recording a 0.35% increase Tuesday.
US data showed GDP grew at a seasonally adjusted annual rate of 5.0% in the Q3, up from the Q2 growth rate of 4.6% and the strongest pace in 11 years. However, not all was good news, as durable goods orders fell 0.7% in November, missing by far expectations of a 1.8% gain.
USD/JPY technical levels
As for technical levels, immediate resistances are seen at 121.00 (psychological level) and 121.83 (2014 high Dec 8). On the flip side, supports could be found at 119.95 (daily low) and 119.30 (Dec 22 low).
USD/JPY extended intraday gains and hit its highest level since in two weeks at 120.47 so far. At time of writing, the pair is trading just below recent highs, recording a 0.35% increase Tuesday.
US data showed GDP grew at a seasonally adjusted annual rate of 5.0% in the Q3, up from the Q2 growth rate of 4.6% and the strongest pace in 11 years. However, not all was good news, as durable goods orders fell 0.7% in November, missing by far expectations of a 1.8% gain.
USD/JPY technical levels
As for technical levels, immediate resistances are seen at 121.00 (psychological level) and 121.83 (2014 high Dec 8). On the flip side, supports could be found at 119.95 (daily low) and 119.30 (Dec 22 low).