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USD/JPY rises beyond 121.00 after US GDP revision

FXStreet (Córdoba) - USD/JPY received a lift and scored fresh 2-week highs above 121.00 after the US Q2 growth rate was revised higher.

US gross domestic product grew by 3.9% in the second quarter from 3.7% previously estimated. Inflation as measured by the PCE price index rose at a 2.2% annual rate.

USD/JPY extended gains and reached a peak of 121.22 before easing slightly. At time of writing, the pair is trading at 121.05, recording a 0.82% gain on the day.

The dollar was already trading stronger against the yen at the top of the past weeks’ range, underpinned by Fed Yellen’s shift to a more hawkish stance at yesterday’s speech.

USD/JPY levels to watch

As for technical levels, USD/JPY could find next resistances at 121.32 (Sep 10 high) and 121.64 (Aug 31 high). On the downside, supports are seen at 120.01 (Sep 25 low), 119.21 (Sep 24 low) and 119.04 (Sep 18 low).

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