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Japanese GDP grows slowly – JPY actually rises

The Japanese economy grew by 0.3% in the third quarter of 2017, lower than 0.4% that was expected. It is also below 0.6% seen in Q2. Year over year, the world’s third-largest economy advanced by only 1.4%, also falling short of expectations.

The positive twist is that the economy grew by seven straight quarters in a country which sees occasional dips in its economy. This is the longest streak in over a decade. Nevertheless, the miss on the headline grabs the headlines.

But how is the yen reacting? It is actually rising. The yen remains the No. 1 safe-haven currency – the destiny of choice in times of trouble.

The Japanese stock market is falling, some 1.6% on the Nikkei. So are other stock markets and also commodity prices. The yen is sought after in such cases.

USD/JPY is slipping under the 113 level, the lowest since October 20th. Further support awaits at 111.50, a trough seen in October. Further support awaits at 111. Resistance is at 114.50. A false break of this level was followed by the recent downfall.

More:  USD/JPY: Still The Best Vehicle To Play US Tax Reform;


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.