Japanese GDP And Its Impact On Yen

Japanese GDP And Its Impact On Yen

By: Darryl Frankfort | Where To Trade | On:16-02-2015 15:00
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Key Highlights

  • Japanese yen traded a touch higher after the GDP and industrial production release.

  • USDJPY pair headed towards the 118.30 support area where it managed to find buyers in the near term.

  • Indian WPI Inflation released by the Ministry of Commerce and Industry registered a decline by 0.39% in January 2015, compared to the preceding month increase of 0.11%.

  • Indian Wholesale Price Index (WPI) Manufacturing Inflation YoY was also released which came in at 1.05% in January 2015, compared to the same month of the preceding year.

  • Netherlands Retail Sales released by the Statistics NL managed to register a good gain of 2.7% whereas the last reading was a decline of 0.6%.

  • Norway Trade Balance released by the Statistics Norway registered a trade surplus of 27.1B in January 2015, compared to the last time surplus of 30.1B.

  • Chinese FDI (Foreign Direct Investment) is released by the Ministry of Commerce of the People’s Republic of China registered a massive increase of 29.4% in January 2015, compared to the same month of the last year.

  • Indonesian Trade Balance released by Statistics Indonesia registered a reading of $0.710B.

Japanese GDP

Today there were some important releases lined up in the Japan, including the Gross Domestic Product and industrial production. The first one was the Gross Domestic Product released by the Cabinet Office. The market was not expecting a major increase this time, but still the outcome was a touch lower. The expectation was of a 0.9% rise in the fourth quarter of 2014, compared to Q3 2014. The end result was lower as the Japanese Gross Domestic Product increased by 0.6%.

Moreover, the last reading was also revised down from -0.5% to -0.6%. Considering the year-over-year change, the Japanese GDP came in at 2.2%. This was somehow positive, which helped the Japanese yen to some extent. The pairs such as USDJPY and EURJPY were seen trading lower during the Asian session.

Furthermore, the Japanese Industrial Production was also released by the Ministry of Economy, Trade and Industry. The forecast was slated for an increase in December 2014, compared to November 2014. The end result was a touch better, as the Japanese Industrial Production surged by 0.8% in December 2014. Considering the year-over-year change it rose by 1.0%, compared to the same month a year ago.

Technical Outlook – Japanese Yen

The Japanese yen managed to gain some traction during the past couple of sessions. The USDJPY pair traded lower and breached an important support around the 118.80 level to trade close to the 118.40 level.  

The AUDJPY pair also traded a bit lower, but there is an important bullish trend line formed on the hourly chart, which protected the downside in the short term. However, the pair remains at risk of a break lower if the Japanese yen buyers gain control moving ahead. The pair is now below the 100 and 200 hour moving averages, which can be considered as a bearish sign in the near term.

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