USD/JPY Trims Gains, Drops to 113.00
USD/JPY is trimming gains amid thin volumes in Europe, but trades positive on the day around 113.00 ahead of the final US Q4 data release.
Will winning streak continue?
Hawkish talk from Fed officials throughout the week has pushed up calls for April/June rate hike and hence is likely to keep the US dollar bid. However, oil is showing signs of weakness and that could rattle risk sentiment and turn the picture in favor of Yen next week.
The final Q4 US GDP data due for release today may not matter much unless it carries a significant upward or downward revision to the preliminary estimate.
USD/JPY Technical Levels
The immediate hurdle is seen at 113.64 (rising trend line on the daily chart), above which the spot could target 113.98 (23.6% of 76.56-125.86). Conversely, acceptance below 113.00 handle would shift risk in favor a drop to 112.22 (Mar 9 low).
(Market News Provided by FXstreet)