USD/JPY: Japan’s economic growth sharply revised lower in 2Q 2017


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.76% against the JPY and closed at 108.37.

In the Asian session, at GMT0300, the pair is trading at 108.17, with the USD trading 0.18% lower against the JPY from yesterday’s close.

Overnight data indicated that Japan’s final gross domestic product (GDP) grew less than initially estimated by 0.6% on a quarterly basis in the second quarter of 2017, while the preliminary print had indicated an advance of 1.0%. The nation’s GDP had risen by a revised 0.4% in the previous quarter.

Meanwhile, the nation’s (BOP basis) trade surplus unexpectedly widened to ¥566.6 billion in July, up from a surplus of ¥518.5 billion in the previous month, while investors had envisaged the nation to register a surplus of ¥518.0 billion.

The pair is expected to find support at 107.77, and a fall through could take it to the next support level of 107.37. The pair is expected to find its first resistance at 108.85, and a rise through could take it to the next resistance level of 109.53.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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