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katetrades
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I'm a currency trader with more than 10 years of trading experience. My trading framework involves both fundamental and technical analysis. Currently I'm working as a market analyst at Forex and CFD broker Trader's Way.
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  • U.S. GDP Release: Trading USD/JPY (April 26, 2013) 0 comments
    Apr 25, 2013 11:59 PM

    The U.S. will print its Q1 2013 GDP reading in today's U.S. session and the report is slated to show 3.0% economic growth for the quarter, higher than the previous reading of 0.4%.

    The U.S. dollar has been reacting to fundamentals lately so a strong reading could trigger a rally for the currency while a weak reading might trigger a selloff. USD/JPY seems to be presenting a potential range play for this event.

    The pair is currently moving closer to testing the 98.50 minor psychological level on the 1-hour time frame. This level has acted as resistance in the past then as support later on, which means that there are plenty of traders watching this level.

    A good U.S. GDP figure could trigger a bounce from 98.50, especially since stochastic is nearing the oversold region, while a weak figure might result in a breakdown back to the recent lows near 97.00.

    (click to enlarge)

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