Forex: USD/JPY trading at 91.06/08 following US data
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USD/JPY
FXstreet.com (Barcelona) - The USDJPY has shown a little restraint during the onset of American trading, having fallen gradually off of its European high at 91.43. Following the recent tranche of US weak data, the pair was seen trading at 91.06/08, easing 16 pips and still recording an advance of +0.35% at the time of writing.
"The USDJPY rose in response to the positive expectations based on the ascending channel, and the positivity of the linear regression indicators. Moreover, trading above the 91.05 level is considered positive, though it is important to breach the 91.70 mark for the upside move to extend." notes the ICN.com Analyst Team.
In terms of the technical levels, the ICN.com analysts point towards resistances at 91.40, followed by 91.70, and finally 92.05. In the other direction, the USDJPY will be fortified by calculated support at 91.05, then 90.70, and 90.40.
In the United States, Gross Domestic Product Annualized came in at -0.1% in the fourth quarter, missing consensus expectations of +1.1%, and down from +3.1% in the previous quarter. In addition, Personal Consumption Expenditures Prices (QoQ) climbed +1.2% in the fourth quarter, from +1.6% in the third quarter. Finally, Core Personal Consumption Expenditures (QoQ) have shown a figure of +0.9% in the fourth quarter, having missed expectations of +1.0%.
"The USDJPY rose in response to the positive expectations based on the ascending channel, and the positivity of the linear regression indicators. Moreover, trading above the 91.05 level is considered positive, though it is important to breach the 91.70 mark for the upside move to extend." notes the ICN.com Analyst Team.
In terms of the technical levels, the ICN.com analysts point towards resistances at 91.40, followed by 91.70, and finally 92.05. In the other direction, the USDJPY will be fortified by calculated support at 91.05, then 90.70, and 90.40.
In the United States, Gross Domestic Product Annualized came in at -0.1% in the fourth quarter, missing consensus expectations of +1.1%, and down from +3.1% in the previous quarter. In addition, Personal Consumption Expenditures Prices (QoQ) climbed +1.2% in the fourth quarter, from +1.6% in the third quarter. Finally, Core Personal Consumption Expenditures (QoQ) have shown a figure of +0.9% in the fourth quarter, having missed expectations of +1.0%.
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