USD-JPY prediction may 17 2012

forex trading outlook today - USD-JPY prediction may 17 2012 : The USD/JPY had retreated pre-Japan GDP data, rejecting off 80.40 supply area. Once neutral figures were published and it was know that Japan economic growth stood at 1% in Q1 vs 0.9% expected, 4.1% annualized vs 3.5% expected, the spot rate printed an upswing from 80.28 low to currently hover around 80.35.

Technically, The pair is mostly range bound, holding above the 80.10 Fibonacci support, yet finding strong selling interest between 80.50 and 80.60. The hourly chart shows price lost previous upward momentum, and indicators are flat in neutral territory, giving no clues about direction."

In the 4 hours chart, "the pair holds a limited bullish tone, yet again, only a clear break above 80.60 could trigger a continuation rally towards the 81.00 area. Strong dollar demand, will likely keep the downside limited regardless strong risk aversion across the world" the Analyst adds.

Support levels: 80.30 80.10 79.80,
Resistance levels: 80.60 81.00 81.40

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