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USD/JPY bounces off 115.50

FXStreet (Edinburgh) - The greenback is losing the grip vs. its Japanese counterpart at the beginning of the week, with USD/JPY now regaining the 116.00 handle and beyond.

USD/JPY depressed by data

Japanese GDP surprised markets to the downside today, showing that the economy moved back to recession during Q3, contracting 0.4% inter-quarter and 1.6% on a yearly basis. The release hurt the domestic stock market, strengthened the JPY and accelerated the rumours regarding a delay in the next sales-tax hike by Abe’s government. Spot briefly surpassed the 117.00 handle although it slumped to the mid-115.00s in the wake of the data. In the opinion of Lee Hardman, Currency Analyst at BTMU, “Overall, the main domestic drivers of the yen continue to remain negative”.

USD/JPY relevant levels

As of writing the pair is losing 0.18% at 116.06 with the next support at 115.45 (low Nov.17) ahead of 115.31 (low Nov.13) and finally 115.00 (psychological level). On the upside, the initial hurdle aligns at 117.06 (2014 high Nov.17) followed by 117.20 (high Oct.17 2007) and then the psychologically mark at 118.00.

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