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US Advance GDP report may appear soft when we look at the headline GDP q/q figure, but the Real Consumer Spending and Q1 revision make it a solid one.
Advance GDP q/q: 2.3% vs. 2.6% expected, 0.6% previous (revised up from -0.2%)
Real Consumer Spending: 2.9% vs. 2.7% expected, 1.8% previous (revised down from 2.1%)
But not solid enough for USD/JPY to break and hold above the strong resistance near 124.50. This was the second time this month and the fourth time in the past month and a half that the pair failed at that level. What can't go up will go down, they say, and it's not surprising to see the pair lower at the moment. Despite that, I still think the upside break is more likely and the more time we spend below 124.50 level the stronger the breakout will be.
Advance GDP q/q: 2.3% vs. 2.6% expected, 0.6% previous (revised up from -0.2%)
Real Consumer Spending: 2.9% vs. 2.7% expected, 1.8% previous (revised down from 2.1%)
But not solid enough for USD/JPY to break and hold above the strong resistance near 124.50. This was the second time this month and the fourth time in the past month and a half that the pair failed at that level. What can't go up will go down, they say, and it's not surprising to see the pair lower at the moment. Despite that, I still think the upside break is more likely and the more time we spend below 124.50 level the stronger the breakout will be.
