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Yen stable as US GDP sparkles – MP

FXStreet (Barcelona) - Kenny Fisher, Currency Analyst at MarketPulse, notes that the USD/JPY pair regained in the European session what it the lost in the Asian session.

Key Quotes

“USD/JPY is showing limited movement on Tuesday, as the pair trades in the low-118 range. The yen remains at the lowest levels we’ve seen since August 2007. Will we see a 120 yen this week?”

“On the release front, the BoJ Governor Kuroda said that the economy was on track to meet inflation targets, but noted that the yen was falling too quickly. In the US, GDP jumped 3.9% in Q3, beating expectations.”

“USD/JPY lost ground in the Asian session, testing support at 117.94. The pair rebounded in the European session, recovering much of the losses from earlier in the day.”

“117.94 a weak support level. 116.66 is stronger. 118.89 is the next line of resistance.”

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