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USD/JPY hits daily highs after US GDP

FXStreet (Córdoba) - USD/JPY pushed higher and printed fresh daily highs as the greenback was underpinned by an upward revision of US GDP.

The US economy grew at a 4.6% annual pace in the second quarter, matching consensus, up from the 4.2% previously estimated. This reading follows a 2.1% contraction in the previous quarter and is the best since mid 2009.

USD/JPY climbed to a high of 109.28 but quickly retraced its GDP-induced gains. At time of writing, USD/JPY is trading at 109.14, still up 0.38% on the day.

USD/JPY technical outlook

“Still in the consolidation pattern below 109.45, but I expect a break through the mentioned resistance to provoke a rise towards 110.60”, said Stoyan Mihaylov, analyst at Deltastock. “Initial support lies at 108.24”.

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