Japanese Q2 GDP confirmed at -28.1% on quarter

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Earlier this morning, government data showed that Japan's final readings of 2Q annualized GDP was confirmed at -28.1% on quarter (vs -28.5% expected), while household spending declined 7.6% on year in July (vs -3.7% expected).

From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and is challenging its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 108.15 as the nearest support would be set at July 31 bottom at 104.15 and a second one would be set at horizontal support at 102.40 in extension.

Source: TradingView, GAIN Capital


Related tags: Forex Forex JPY

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