A quick look at the USDJPY charts ahead of the US data
US GDP is going to be the focus of the day today. We also get durable goods but as that's for Dec and we're getting Q4 numbers, it will likely garner little attention.
The old 38.2 fib of the Dec drop is we're seeing intraday support, that's extends down to 114.75. That's probably too close on a whippy number. 114.25/40 is another area of support to note and we'll see more at 114.00. 113.75/90 is additional support just under the big figure.
USDJPY H1 chart
Resistance is in place around the Jan 20 highs at 115.30/35, and the 50.0 fib and Jan 19 highs is at 115.60 odd. Look for further traffic around 115.80, as we approach 116.00. I'll be looking for further resistance into 116.15/30.
Today will be interesting to see if we get a real move on the data. The market has largely been ignoring it of late with all the Trump shenanigans but this data will be a confirmation of whether the US is still trucking along and worthy of more hikes, or not.
Aside from the expected 2.2% GDP, keep an eye on the consumer spending number (2.5% exp vs 3.0% prior), and half an eye on the inflation gauges, PCE and core PCE.
It all happens at the bottom of the hour.
