Yen Dips After Strong Japan GDP Data
The Japanese yen slipped to around 151.8 per dollar, reversing a three-day rally as the dollar gained strength after Fed officials signaled reluctance to cut rates due to inflation concerns.
Japan’s Q4 GDP grew 0.7% quarter-on-quarter, up from 0.4% and beating the 0.3% forecast. On an annual basis, GDP rose 2.8%, aligning with expectations and improving from 1.7% in Q3. These figures support a more hawkish outlook for the Bank of Japan, though uncertainty remains over a potential rate hike in March, with further increases expected later this year.
Technically, resistance is at 154.90, with further levels at 156.00 and 157.00. Support stands at 151.25, followed by 149.20 and 147.10.
Japan’s Q4 GDP grew 0.7% quarter-on-quarter, up from 0.4% and beating the 0.3% forecast. On an annual basis, GDP rose 2.8%, aligning with expectations and improving from 1.7% in Q3. These figures support a more hawkish outlook for the Bank of Japan, though uncertainty remains over a potential rate hike in March, with further increases expected later this year.
Technically, resistance is at 154.90, with further levels at 156.00 and 157.00. Support stands at 151.25, followed by 149.20 and 147.10.
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