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20 May 2015
USD/JPY rises above 121.00
FXStreet (Mumbai) - The USD/JPY rose for the third straight day to trade above 121.00 levels as the greenback is being bid higher across the board ahead of the Fed minutes.
Yen down despite better-than-expected GDP
The Japanese Yen failed to strengthened even though economy expanded at an annualized rate of 2.4% in the first quarter, its fastest pace in a year. The growth rate exceeded an annualized 0.2 % gain in the United States and 1.6% growth in the Eurozone. Still the Japanese Yen weakened against the greenback.
Moreover, experts say the number is not all rosy as it appears, since the uptick in the GDP was mainly on account of rise in inventory. Private consumption, housing investment and exports all rose, but at a weaker rate.
USD/JPY Technical Levels
The pair now trades at 121.03, with the immediate resistance located at 121.65 and 122.00 levels. On the other hand, a break below 120.82 could see the pair re-test 120.48 levels.
Yen down despite better-than-expected GDP
The Japanese Yen failed to strengthened even though economy expanded at an annualized rate of 2.4% in the first quarter, its fastest pace in a year. The growth rate exceeded an annualized 0.2 % gain in the United States and 1.6% growth in the Eurozone. Still the Japanese Yen weakened against the greenback.
Moreover, experts say the number is not all rosy as it appears, since the uptick in the GDP was mainly on account of rise in inventory. Private consumption, housing investment and exports all rose, but at a weaker rate.
USD/JPY Technical Levels
The pair now trades at 121.03, with the immediate resistance located at 121.65 and 122.00 levels. On the other hand, a break below 120.82 could see the pair re-test 120.48 levels.