29 Aug 2013
USD/JPY soars on stronger US data
FXstreet.com (Athens) - The USD/JPY soared on much better than estimated annualized GDP.
Great beat from US GDP, up 2.5% and… USD/JPY skyrockets
The USD/JPY was trading nearly 98.30 area ahead of the US news, in an uptrend momentum. As soon as the US data released, showing a really fascinating figure in US annualized GDP (2.5% versus estimation of +2.2%), it spiked on 98.50 level. However, it is of great importance that after 20 minutes of the data release, the pair still pared its earlier gains, getting back to 98.30 area. These figures will help to put the September taper question back into the limelight, and certainly encourage thoughts that a taper will be announced at the next FOMC meeting.
Technical outlook on USD/JPY
At the time of writing, the USD/JPY is trading at 98.35, up 0.74%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 97.50, 96.23, 95.75 and resistance at 98.94, 99.14 and 99.43, respectively.
Great beat from US GDP, up 2.5% and… USD/JPY skyrockets
The USD/JPY was trading nearly 98.30 area ahead of the US news, in an uptrend momentum. As soon as the US data released, showing a really fascinating figure in US annualized GDP (2.5% versus estimation of +2.2%), it spiked on 98.50 level. However, it is of great importance that after 20 minutes of the data release, the pair still pared its earlier gains, getting back to 98.30 area. These figures will help to put the September taper question back into the limelight, and certainly encourage thoughts that a taper will be announced at the next FOMC meeting.
Technical outlook on USD/JPY
At the time of writing, the USD/JPY is trading at 98.35, up 0.74%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 97.50, 96.23, 95.75 and resistance at 98.94, 99.14 and 99.43, respectively.