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USD/JPY bulls rescued on Chinese GDP

FXStreet (Guatemala) - USD/JPY is currently trading at 119.36 with a high of 119.62 and a low of 119.13.

Asian markets picked up in volatility after the Chinese GDP for Q3. The data arrived as 6.9% Y/Y beating expectations of 6.8%, but comes below the previous of 7% Y/Y and as the lowest level since the start of the financial crisis.

USD/JPY subsequently rallied and scored a high in a knee jerk rally of 40 pips, but has since settled down on the 50 SMA on the hourly sticks at 119.35 currently. The recent lows were short-lived when USD/JPY threatened a break out with bears taking back control. The price rebounded from 118.05 to current highs in the wake of a stronger greenback in recovery while speculations mount towards a Fed hike before the end of the year with US CPI beating expectation.

USD/JPY levels

Technically, the family ranges remain in place, with the major downside target comes as the 2012-2015 uptrend at 116.87 while the key resistance comes as 119.80 (R1) ahead of 120.89 200 DMA. The price is now back at the pivot (119.32) with immediate targets at 118.80 for the bears and 119.80 guarding 120.88 and the 200 DMA for the bulls.

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