Another Christmas pressie for USD bulls
Ok, we've got a day left to go before we all stampede out for the Christmas break but tomorrow may not matter for USD longs. The GDP beat is a nice round off to Q3, and pretty much the end of trading for 2016.
The underlying numbers weren't to shabby either. Investment jumped, sales were higher, spending was higher, PCE rose and core PCE held up.
Pretty much all the boxes were ticked to make it a good end to Q3.
USDJPY has run up to a high of 117.88 and we'll have to see if we have the legs to put a challenge in on 118.00. This area marked the top yesterday so if there are buyers about, we'll need to see it broken.
USDJPY 30m chart
I'm not saying this data will be the trigger for a big move higher right now but it's another supporting brick to add to the bullish wall to carry into next year. 117.60/70/75 is your support now, followed by 117.50.
