Fundamental Analysis

Japan's Economic Growth Slowed In 3Q 2017

Typography

For the 24 hours to 23:00 GMT, the USD declined 0.14% against the JPY and closed at 113.45.

In the Asian session, at GMT0400, the pair is trading at 113.16, with the USD trading 0.26% lower against the JPY from yesterday's close.

Overnight data showed that Japan's flash gross domestic product (GDP) climbed 0.3% on a quarterly basis in the third quarter of 2017, undershooting market consensus for a rise of 0.4%. The nation's GDP had risen 0.6% in the previous quarter.

Early morning data revealed that the nation's final industrial production dropped less than initially estimated by 1.0% on a monthly basis in September, while the preliminary figures had recorded a drop of 1.1%. In the prior month, industrial production had climbed 2.0%.

The pair is expected to find support at 112.82, and a fall through could take it to the next support level of 112.49. The pair is expected to find its first resistance at 113.70, and a rise through could take it to the next resistance level of 114.25.

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

Author: GCI FinancialWebsite: http://www.gcitrading.com/
GCI Financial
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