• USD/JPY edged lower on Friday as investors digested latest Japanese GDP numbers.
• apan The Japanese economy expanded by 0.2% quarter on quarter in the third quarter of 2024, a drop from the 0.5% growth in Q2, but nevertheless the second consecutive quarter of expansion..
•GDP increased by 0.9% annually in Q3, a substantial drop from the 2.2% increase in Q2.
• At (GMT 09:15) US dollar was trading down 0.41% at 1.55.59 against the Japanese yen.
• Technical signals are bearish as RSI is heading up at 63, daily momentum studies 5, 9 and 1 SMAs are trending north.
•Immediate resistance is located at 156.63 (23.6%fib), any close above will push the pair towards 157.47 (Higher BB).
•Support is seen at 155.34 (Nov 14th low) and break below could take the pair towards 155.00 (Psychological level).
Recommendation: Good to buy around 155.50, with stop loss of 154.60 and target price of 156.50
