Today at 13:30 GMT will be released the US GDP data for Q3 and it seems that we’ll see a slight increase from 2.9% to 3.0%. Revisions could come, by the way, as GDP report had been showing some variations from initial reports. However, this data should be interesting in terms that Federal Reserve is looking to increase rates in December and good performance of the US economy can support that scenario to happen in next meeting.
Our technical analysis for USD/JPY at H1 chart is showing an exhaustion of price action and the resistance zone of 113.36 seems to be a very strong area to cap buyers. If the pair manages to do a breakout below the support zone of 111.61, then we can expect further declines below the 200 SMA, towards the 110.86 level. If data comes better-than-expected in the United States, a rebound is likely to happen and it can target the 113.36 level once again.
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Origin: FX BAZOOKA
