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8 Dec 2020

USD/JPY sellers attack 104.00 on upbeat Japan Q3 GDP, mixed market sentiment

  • USD/JPY ticks down to 104.00 on upbeat Japan Q3 GDP.
  • Japan’s final reading of Q3 GDP grew 5.3% versus 5.0% QoQ.
  • Risk sours amid fresh US-China tussle, Brexit jitters and vaccine updates.
  • Japanese PM Suga is up for 73.6 trillion yen stimulus plan to combat virus resurgence.

USD/JPY drops to 103.96, down 0.10% intraday, as markets in Tokyo open for Tuesday’s trading. The pair recently eased, while extending the previous day’s losses, after Japan’s third-quarter (Q3) GDP rose better than initial forecasts. Also weighing on the quote could be fresh challenges to the risks emanating from trade, Brexit and the coronavirus (COVID-19).

Upbeat GDP, stimulus hopes and risk challenges favor the bears…

Japan’s Q3 GDP crossed 5.0% initial estimation to print 5.3% QoQ during the final reading. Further details suggest that the GDP Annualized grew over 21.5% forecast to 22.9% whereas October month Trade Balance (BOP Basis) rose past-¥918.4 B to ¥971.1 B.

Read: Japan Q3 GDP better than expected at 5.3% vs pre 5%

Not only the upbeat data but increasing chatters for Japan’s third stimulus plan, notably around 73.6 trillion yen ($707 billion) also weigh on the quote, also weigh on the quote. Japan’s newly-elected PM Yoshihide Suga is set to announce details of his first budget to combat the virus as the infections jump past-2,500 during late November and early December.

Elsewhere, Brexit deal uncertainty continues while the US-China tussle intensifies with the Trump administration’s latest sanction on 14 Chinese diplomats and Beijing’s underscoring of the commitment to the phase one trade deal. Additionally, vaccine news is flashing mixed signals relating to the availability while US stimulus hopes gain momentum.

Amid these plays, S&P 500 Futures drop 0.30% whereas stocks in Asia-Pacific also print mild losses by press time.

Looking forward, details of Japanese stimulus and the risk news can be better watched for fresh impulse.

Technical analysis

A three-week-old trading range between 103.65 and 104.76 restricts near-term USD/JPY moves. Though, the overall sentiment remains bearish unless the quote crosses a falling trend line from July 01, at 104.88 now.

 

 

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