Back
29 May 2015
USD/JPY stays flat after US GDP revision
FXStreet (Córdoba) - The dollar remained little changed, consolidating around the 124.00 level against the yen, following the release of the US GDP revision.
US gross domestic product shrank by -0.7%seasonally adjusted annual rate in the first quarter versus a 0.2% increase previously estimated, but beating expectations of a revision to a 1.0% contraction. Still economists anticipate growth will bounce in the second quarter as it occurred last year.
USD/JPY was barely affected and extended its consolidation near 12-year highs scored yesterday. At time of writing, the pair is trading at 124.03, virtually unchanged on the day.
USD/JPY levels to watch
In terms of technical levels, USD/JPY could find immediate resistances at 124.38 (12-year high May 28), 125.00 (psychological level) and 125.75 (Dec 2002 high). On the other hand, supports could be found at 123.48 (May 28 low), 123.12 (100-hour SMA) and 122.77 (May 27 low).
US gross domestic product shrank by -0.7%seasonally adjusted annual rate in the first quarter versus a 0.2% increase previously estimated, but beating expectations of a revision to a 1.0% contraction. Still economists anticipate growth will bounce in the second quarter as it occurred last year.
USD/JPY was barely affected and extended its consolidation near 12-year highs scored yesterday. At time of writing, the pair is trading at 124.03, virtually unchanged on the day.
USD/JPY levels to watch
In terms of technical levels, USD/JPY could find immediate resistances at 124.38 (12-year high May 28), 125.00 (psychological level) and 125.75 (Dec 2002 high). On the other hand, supports could be found at 123.48 (May 28 low), 123.12 (100-hour SMA) and 122.77 (May 27 low).