FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(USDCAD and EURJPY) for the day
FxWirePro: USD/JPY holds marginal gains, US GDP and PCE eyed
Chart - Courtesy Trading View
USD/JPY was trading 0.11% higher on the day at 127.42 at around 05:50 GMT.
The pair is holding marginal gains on the day after closing 0.40% higher in the previous session.
DXY is underperforming broadly despite the release of the extremely hawkish Federal Open Market Committee (FOMC) minutes.
FOMC minutes showed on Wednesday that all Fed policymakers were in favor of a jumbo rate hike announcement.
Focus now on US Gross Domestic Product (GDP) and Personal Consumption Expenditure (PCE) numbers for impetus.
Analysts expect US GDP to stay unchanged at -1.4% on annual basis. US PCE is also expected to remain stable at 7%.
Technical bias for the pair remains tilted to the downside. Retrace above 21-EMA could change near-term dynamics.