USD/JPY remains at weekly highs around 136.50 after US data.

- Advertisement -
  • GDP in the first quarter contracted to 1.6%.
  • The dollar remains firm, while the yen falls, despite risk aversion.
  • USD/JPY very close to the maximum in decades of last week.

Following the US growth data, USD/JPY remained trading around 136.50, in the area of ​​one-week highs. The yen shows weakness on Wednesday despite the decline in equity markets.

The pair bottomed on Wednesday at the start of the European session at 135.73, but then rebounded sharply climbing to 136.59, the highest level since June 22nd. In this way, the USD/JPY is one step away from marking a new maximum in more than two decades, of surpassing last week’s ceiling, which is located at 136.70.

- Advertisement -

Stocks on Wall Street point to a flat open after Tuesday’s plunge. In Europe the main squares fall. Recession fears are back on the scene. Such context on Wednesday is not helping the yen. Treasury bond yields do not show relevant changes.

In the US, a new estimate of GDP growth for the first quarter was released, which was revised downwards from a contraction of 1.5% to 1.6%. This data had no impact on the market, since it is data from the period from January to March.

- Advertisement -

The focus now shifts to the forum European Central Bank which takes place in Portugal. A panel discussion featuring Jerome Powell (Chairman of the Federal Reserve), Christine Lagarde (President of the European Central Bank) and Andrew Bailey (Governor of the Bank of England) will begin shortly.

Technical levels

USD/JPY

Panorama
Last Price Today 136.57
Today’s Daily Change 0.45
Today’s Daily Change % 0.33
Today’s Daily Opening 136.12
Trends
20 Daily SMA 133.95
50 Daily SMA 130.83
100 Daily SMA 125.11
200 Daily SMA 119.48
levels
Previous Daily High 136.38
Previous Daily Minimum 135.11
Previous Maximum Weekly 136.72
Previous Weekly Minimum 134.26
Monthly Prior Maximum 131.35
Previous Monthly Minimum 126.36
Daily Fibonacci 38.2% 135.9
Daily Fibonacci 61.8% 135.6
Daily Pivot Point S1 135.36
Daily Pivot Point S2 134.6
Daily Pivot Point S3 134.09
Daily Pivot Point R1 136.63
Daily Pivot Point R2 137.14
Daily Pivot Point R3 137.9

Source: Fx Street

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Hot Topics

Related Articles