USD/JPY is consolidating the upside where prices reached a high of 111.49 in North American trade. The dollar was fuelled by surprise upside in the US GDP preliminary data beating expectations. USD/JPY is currently trading at 111.42 in a narrow range at the end of the week’s session in Tokyo at the start of a new month. USD/JPY rallied from the support of the hourly Ichimuko cloud’s Senkou Span B (top of cloud) as the US GDP data hit the screens and beat expectations. “US Q4 GDP was surprisingly resilient at 2.6% annualised (vs 2.2% expected), despite the steep slowing in activity implied by partial data especially in the month of December,” analysts at Westpac explained. USD/JPY rallied from 110.74 to a high of 111.49 in North America trade from where it moved sideways into Tokoyo. Japanese traders are buying the pair and it is taking on fresh highs at the time of writing, printing 111.58 so far. The Nikkei also started out favourably with a spike to the upside. As for yields, the US 10yr treasury yield jumped from 2.66% to 2.72% overnight where they currently stay, while the 2yr yield jumped from 2.48% to 2.53%, following the release of Q4 GDP data. Looking ahead For the day ahead, the analysts at Westpac note a fairly crowded Asian calendar: “Most attention will be on the Caixin China manufacturing PMI, which samples smaller firms than in the official PMI. Only a small improvement is expected from Jan’s weak 48.3 headline index.” For the US, the analysts explained that there are two important data releases: “The Dec reading on the Fed’s preferred inflation measure, the core PCE deflator, is seen holding steady at 1.9%, while the overall deflator edges down to 1.7%yr, mostly due to gasoline prices. The national Feb manufacturing ISM is expected to remain very firm, around 55.7, though down a little from Jan’s 56.6. The employment sub-index will help shape forecasts for Feb non-farm payrolls (8 March).” USD/JPY levels USD/JPY Technical Analysis: 100-day SMA and welcome CPI from Japan caps the upside around 111.40 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next PBOC sets yuan reference rate at 6.6957 FX Street 4 years USD/JPY is consolidating the upside where prices reached a high of 111.49 in North American trade. The dollar was fuelled by surprise upside in the US GDP preliminary data beating expectations. USD/JPY is currently trading at 111.42 in a narrow range at the end of the week's session in Tokyo at the start of a new month. USD/JPY rallied from the support of the hourly Ichimuko cloud's Senkou Span B (top of cloud) as the US GDP data hit the screens and beat expectations. "US Q4 GDP was surprisingly resilient at 2.6% annualised (vs 2.2% expected), despite… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
