USD JPY Stops Near 50% Level; Could Rally Back to 91.28

The USD JPY is making a slight recovery ahead of the release of this morning’s U.S. Third Quarter GDP Report.  Expectations are for the report to show an increase of 3.2%.  This would mark the first increase in over a year.

The USD JPY is making a slight recovery ahead of the release of this morning’s U.S. Third Quarter GDP Report.  Expectations are for the report to show an increase of 3.2%.  This would mark the first increase in over a year. 

Based on the main range of 87.99 to 92.32, traders were looking for the market to retrace to 90.15.  Last night this currency pair stopped at 90.24 before attracting buyers. If this area fails then the market could drop further into an uptrending Gann angle at 89.99.

If 90.24 holds as a bottom then look for a retracement of the 93.29 to 90.24 range.  This makes 91.28 to 91.53 a likely upside target should the GDP report come out better than expected.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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