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Nov 24, 2015
USD/JPY hits fresh lows despite upward revision to US GDP
FXStreet (Córdoba) - USD/JPY made a marginal new low for the week at the beginning of the American session despite strong US GDP data.
Following several sessions moving laterally, USD/JPY came under renewed pressure on Tuesday and extended its pullback from 2 ½-month highs to a low of 122.35 so far. At time of writing, the pair is trading at 122.43, recording a 0.32% loss on the day.
On the data front, US gross domestic product grew at a faster 2.1% pace in the third quarter instead of 1.5% previously estimated and slightly above the 2.0% rate expected.
USD/JPY levels to watch
In terms of technical levels, next supports are seen at 122.20 (Nov 16 low), 121.74 (100-day SMA) and 121.37 (200-day SMA). On the other hand, resistances could be found at 122.95 (Nov 24 high), 123.25 (Nov 23 high) and 123.74 (Nov 18 high) ahead of 124.15 (Aug 20 high).
Following several sessions moving laterally, USD/JPY came under renewed pressure on Tuesday and extended its pullback from 2 ½-month highs to a low of 122.35 so far. At time of writing, the pair is trading at 122.43, recording a 0.32% loss on the day.
On the data front, US gross domestic product grew at a faster 2.1% pace in the third quarter instead of 1.5% previously estimated and slightly above the 2.0% rate expected.
USD/JPY levels to watch
In terms of technical levels, next supports are seen at 122.20 (Nov 16 low), 121.74 (100-day SMA) and 121.37 (200-day SMA). On the other hand, resistances could be found at 122.95 (Nov 24 high), 123.25 (Nov 23 high) and 123.74 (Nov 18 high) ahead of 124.15 (Aug 20 high).