USDJPY moves higher on the first move
The US GDP came in better than expected at 2.1% vs 1.8%. The price index was higher at 2.4% vs 2.0%. The Core PCE was lower than expected at 1.8% vs 2.0% estimate.
The dollare has moved higher in the initial reaction.
The USDJPY moved to the highest level since July 10, and to new week highs (taking out the high from yesterday at 108.75. The high reached 108.823 so far. The price moved up from 108.66. Looking at the 4 hour chart below, the 108.718-796 is home to a number of swing levels. The high today did extend above to 108.82 but it needs to get and stay above for the bulls to take more control with 109.00 the next key target (highest high since the beginning of June).
The EURUSD moved from 1.11385 to a new low for the day at 1.11274. We trade at 1.11316. The pair remains in a narrow 23 pip range for the day. The 1.1126 was the low from yesterday afternoon and the low from on Wednesday as well. Moving below that level should open up the downside potentially for the par with 1.11064 (old low from 2019) and 1.11000 which is the low for the year and the week….
The GBPUSD took out the lows for the week at 1.24174. The low price moved to 1.24127. We currently trade at 1.2414 near the lows.