Forex: USD/JPY continues decline towards US open
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USD/JPY
FXstreet.com (Barcelona) - Having posted a morning high at 84.27, USDJPY has steadily declined throughout the European session to post a session low at 83.92.
The decline saw spot test the daily pivot point at 84.00 where it is currently finding support following a glut of US and Canadian data. US Personal Income came in softer than forecasts at 0.6%/0.3%. Canadian data was generally soft today with all variations of CPI disappointing forecasts. US Durable Goods beats forecasts at 0.7%/0.2% Nov and 1.6%/-0.2% ex transportation. MoM Canadian GDP registered in line at 0.1% while YoY rose to 1.1% from 1.0%. Finally US Personal Consumption numbers were small down on expectations across components.
Valeria Bednarik, Independent analyst for Fxstreet.com, notes that the pair is sitting barely above the 84 mark and is weighed down by market sentiment. She writes, "the hourly chart shows price to be limited to the upside by the 100 SMA around 84.10 as over the last few hours the pair has been unable to clearly break higher."
The decline saw spot test the daily pivot point at 84.00 where it is currently finding support following a glut of US and Canadian data. US Personal Income came in softer than forecasts at 0.6%/0.3%. Canadian data was generally soft today with all variations of CPI disappointing forecasts. US Durable Goods beats forecasts at 0.7%/0.2% Nov and 1.6%/-0.2% ex transportation. MoM Canadian GDP registered in line at 0.1% while YoY rose to 1.1% from 1.0%. Finally US Personal Consumption numbers were small down on expectations across components.
Valeria Bednarik, Independent analyst for Fxstreet.com, notes that the pair is sitting barely above the 84 mark and is weighed down by market sentiment. She writes, "the hourly chart shows price to be limited to the upside by the 100 SMA around 84.10 as over the last few hours the pair has been unable to clearly break higher."
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