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24 Dec 2014
USD/JPY consolidates above 120.00
FXStreet (Córdoba) - USD/JPY entered a consolidation phase and steadied in a slim range above 120.00 Wednesday after a robust US GDP reading gave the greenback a boost the previous day.
Data showed, US gross domestic product grew at a seasonally adjusted annual rate of 5.0% in the Q3, marking the strongest pace in 11 years. USD/JPY reached a 2-week high of 120.81 following the data, extending its recovering from 1-month lows. However, thin volume amid holidays season confined the pair to a quieter stage during the last sessions.
Trading is expected to remain subdued Wednesday as investors gear up for the long weekend in many countries. However, US will release jobless claims figures one day before due to the Christmas holiday.
USD/JPY technical levels
At time of writing, USD/JPY is trading at 120.45, 0.17% below its opening price. As for short-term levels, immediate resistances are seen at 121.00 (psychological level) and 121.83 (2014 high Dec 8). On the flip side, supports could be found at 120.26 (daily low), 119.95 (Dec 23 low) and 119.30 (Dec 22 low).
Data showed, US gross domestic product grew at a seasonally adjusted annual rate of 5.0% in the Q3, marking the strongest pace in 11 years. USD/JPY reached a 2-week high of 120.81 following the data, extending its recovering from 1-month lows. However, thin volume amid holidays season confined the pair to a quieter stage during the last sessions.
Trading is expected to remain subdued Wednesday as investors gear up for the long weekend in many countries. However, US will release jobless claims figures one day before due to the Christmas holiday.
USD/JPY technical levels
At time of writing, USD/JPY is trading at 120.45, 0.17% below its opening price. As for short-term levels, immediate resistances are seen at 121.00 (psychological level) and 121.83 (2014 high Dec 8). On the flip side, supports could be found at 120.26 (daily low), 119.95 (Dec 23 low) and 119.30 (Dec 22 low).