The USDJPY got within about 6 pips of the 100 day MA. 3rd close test this week
The USDJPY has moved a little higher after the GDP data today. The price has moved from a low for the day of 108.76 to a post GDP high of 108.93. US stocks did move up after the report but are giving up some of those gains. The low GDP was higher, consumption which is been the driver for the economy as business investment and trade slumps, slow to 1.8% from 3.2% in the prior quarter and was below the 2.0% expectations.
Technically, the price low today got to within 6 or so pips of its 100 day MA at 108.705. That is the third close look at the 100 day MA this week. On Monday, the price got to within 7 pips and on Tuesday, the price was within 7-8 pips. What we know going forward is a move below should solicit more selling.
Looking at the hourly chart above, the 100 hour moving average at 109.054 is an upside target. In trading late yesterday the price did extend above that 100 hour moving average, but failed as stock prices slumped into the close.
