The USD/JPY pair is retreating from its year-to-date (YTD) high of 147.87 and currently trading around 147.457. Better-than-expected US data has boosted the US Dollar (USD) against its counterparts. Traders will closely monitor Japan's Gross Domestic Product (GDP) in the second quarter on Friday, as well as July's cash earnings and current account data to find trading opportunities in the USD/JPY pair.
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good luck everyone
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In order to maintain the rapid buildup in momentum, USD must stay above 146.70 (‘strong support’ level was at 146.45 yesterday).
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On the downside, 1.2420 (static level from June) could be seen as next bearish target before 1.2400 if GBP/USD fails to reclaim 1.2500.
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In fact, the world's third-largest economy grew at an annual rate of 4.8% between April and June, down from a preliminary estimate of 6.0%. D
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the Japanese Labor Cash Earnings for July rose 1.3% YoY versus 2.3% prior.
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According to a private survey released on Tuesday, business activity in China's services sector expanded at its slowest rate in eight months. This development has raised concerns about the deteriorating economic conditions in the world's second-largest economy, which may impact Japanese exports to the country.
