The USD/JPY could not hold onto levels above Y90.00 last week and is now trading at 89.56. After opening at 89.55, the pair set an intraday high of 89.68 then dropped to current levels. Outlook for the pair is slightly bullish finding support at 89.20 and resistance at 89.74.
The ended the week on a high gaining 73 points or 0.72% to be at 10270.47. Meanwhile, Japan’s economy grew with GDP rising in the September quarter by 1.2% from the previous quarter. The annualised rate is close to 4.8%. This was a better than expected outcome given Japan’s troubling unemployment and deflation. It also shows that the previous government’s stimulus package has increased consumer spending.
USD/JPY (Nov 16 at 07:58 GMT)
H 89.71 L 89.35
| S3 | S2 | S1 | R1 | R2 | R3 |
| 89.0575 | 89.2812 | 89.5050 | 89.6250 | 89.8491 | 90.0731 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bullish | Neutral |
| Data updated on Nov 16 at 07:55 (15-minute timeframe) |
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