9 Dec 2013
Yen pares some losses at the Tokyo open
FXstreet.com (Bali) - The Japanese Yen starts the Tokyo session with offers partly absorbing initial demand through inter-bank trading, despite the Nikkei 225 is currently up 1.7% after a large upside gap.
Japan's GDP disappoints
From a fundamental standpoint, Japan's final GDP numbers (seasonally adjusted) for Q3 final, q/q, came softer-than-expected, at 0.3% (+0.5% preliminary estimate)vs 0.4% expected and 0.5% prior.
Yen bearishness set to extend
Technically, as Valeria Bednarik, Chief Analyst at FXstreet.com, notes: "USD/JPY shows the hourly chart well above moving averages while indicators aim back higher after partially correcting extreme overbought readings." In the 4 hours chart, Bednarik says "indicators present a strong upward tone above their midlines supporting the shorter term outlook, as price approaches November high of 103.37 resistance."
Japan's GDP disappoints
From a fundamental standpoint, Japan's final GDP numbers (seasonally adjusted) for Q3 final, q/q, came softer-than-expected, at 0.3% (+0.5% preliminary estimate)vs 0.4% expected and 0.5% prior.
Yen bearishness set to extend
Technically, as Valeria Bednarik, Chief Analyst at FXstreet.com, notes: "USD/JPY shows the hourly chart well above moving averages while indicators aim back higher after partially correcting extreme overbought readings." In the 4 hours chart, Bednarik says "indicators present a strong upward tone above their midlines supporting the shorter term outlook, as price approaches November high of 103.37 resistance."