USD/JPY remains under pressure after 3Q GDP

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This morning, Japan's final readings of 3Q annualized GDP were posted at +22.9% on quarter, above +21.4% expected. Household spending increased 1.9% on year in October (vs +2.8% expected).

From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and by its declining 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 105.65 as the nearest support would be set at November bottom at 103.10 and a second one would be set at horizontal support at 102.45 in extension.

Source: TradingView, GAIN Capital

 
 
Related tags: Forex Forex JPY

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