USD/JPY glued to the 98 handle ahead of US GDP

USD/JPY glued to the 98 handle ahead of US GDP

FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 97.98, off recent session lows at 97.84, flat since previous Asia-Pacific open yesterday, while Nikkei has recovered above the 13700 points mark, still down -1.16% for the day so far.

USD/JPY still pointing lower

“Having put in a near term low at the 50% pivot of the move from 93.78/101.52 at 97.64, the Dollar has made a mild recovery and currently sits at 98.00 where it is likely to remain until the US data later in the session,” saidFX Charts analyst Jim Langlands, adding: “The 4 hour charts suggest that in the short term the dollar will continue to gain support at around 97.70, although the longer term charts still point lower and a break to the downside would head towards 97.55, the base of the daily Cloud, which should also be reasonable support.”

USD/JPY key technical levels

Immediate support to the downside for USD/JPY lies at yesterday's Asian session lows 97.83, followed by NY session Tuesday lows at 97.75, and Monday's weekly lows at 97.62. To the upside, closest resistance shows at recent session highs at 98.14, followed by early NY session highs at 98.35, and late yesterday's Asian session weekly highs at 98.45.