- The USD/JPY is recovering back into Wednesday's opening bids after US GDP beats the street.
- US GDP growth accelerated in the third quarter, Japan Retail Trade figures in the barrel.
- Fedspeak is pulling markets in multiple directions after a hawkish showing from Fed's Barkin.
The USD/JPY is pulling back towards the day's early bids near 147.50 as the US Dollar gets a choppy boost from better-than-expected US Gross Domestic Product (GDP) growth figures and a hawkish appearance from Federal Reserve (Fed) officials to balance out Tuesday's hawkish Fedpeak.
Wednesday gives way to early Thursday markets, where Japan will be releasing its latest Retail Trade and Large Retailer Sales numbers for October.
US GDP grew more than expected in the third quarter, printing at 5.2% versus the expected QoQ print of 5.0%, climbing up and over the previous quarter's 4.9%.
Adding to USD-bullish factors, the Fed's Richmond President Tom Barkin hit markets with hawkish statements that take some of the wind out of Tuesday's dovish comments from Fed policymakers.
Fed’s Barkin: Not willing to take another interest rate hike off the table
The Fed's Barkin believes that inflation will remain more stubborn than markets are expecting looking forward, and Barkin can't rule out even further rate hikes if price growth continues to plague the US.
Coming up early on Thursday, Japan's latest retail sales figures will come in for a landing. Market forecasts see Japanese Retail Trade for the year into October finding a slight improvement from 5.8% to 5.9%.
Monthly Retail Trade saw a -0.1% print in September, while Large Retailer Sales for October saw a flat 5% print.
USD/JPY Technical Outlook
The USD/JPY is seeing a light rebound after dipping below 147.00 in Wednesday's trading session, but upside momentum remains limited and it's getting difficult to ignore the fact that the US Dollar is down nearly 3.5% from multi-year peaks set in November just below the 152.00 major handle.
The pair is set to see a technical ceiling from the 50-day Simple Moving Average (SMA) near the 150.00 major handle, while long-term downside momentum will be set to run aground on the 200-day SMA near 142.50.
USD/JPY Daily Chart
USD/JPY Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds on to intraday gains after upbeat US data
EUR/USD remains in positive ground on Friday, as profit-taking hit the US Dollar ahead of the weekend. Still, Powell's hawkish shift and upbeat United States data keeps the Greenback on the bullish path.
GBP/USD pressured near weekly lows
GBP/USD failed to retain UK data-inspired gains and trades near its weekly low of 1.2629 heading into the weekend. The US Dollar resumes its advance after correcting extreme overbought conditions against major rivals.
Gold stabilizes after bouncing off 100-day moving average
Gold trades little changed on Friday, holding steady in the $2,560s after making a slight recovery from the two-month lows reached on the previous day. A stronger US Dollar continues to put pressure on Gold since it is mainly priced and traded in the US currency.
Bitcoin to 100k or pullback to 78k?
Bitcoin and Ethereum showed a modest recovery on Friday following Thursday's downturn, yet momentum indicators suggest continuing the decline as signs of bull exhaustion emerge. Ripple is approaching a key resistance level, with a potential rejection likely leading to a decline ahead.
Week ahead: Preliminary November PMIs to catch the market’s attention
With the dust from the US elections slowly settling down, the week is about to reach its end and we have a look at what next week’s calendar has in store for the markets. On the monetary front, a number of policymakers from various central banks are scheduled to speak.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.