Action is limited
The USDJPY moved mostly higher after the US GDP but let's face it, the gains were limited. The high price looks to have come in around 105.31. That stayed below the swing low target from the May 2016 low at 105.54. Topside trend line is higher at 105.75. We did not get close to that target.
The price is back down and trades near the 50% of the move down from the end of May high to the Brexit low at 99.02. That level comes in at 105.23. We are trading right near that level now.
Looking at the hourly chart, the broken trend line comes in at 105.17. A move back below that level should solicit more selling....
Overall, the market seems to be a little disappointed. Perhaps it was expecting > 3.0% and the mix was not the best with exports a big piece of the pie.
The Fed is still expected to tighten in December, but it may be nearly priced in.
