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USD/JPY slips below 163.50 after weaker-than-expected US GDP

The dollar fell against the yen after Q2 US GDP growth of 1.5% versus 2.1% expected, pushing USD/JPY below 4-hour moving averages.

Reported · Written up by our desk · Major Pairs

USD/JPY struggled near 164.00 and moved lower after breaking below 163.50 against the Japanese yen, according to Action Forex.

The pair dipped below the 76.4% Fib retracement of the 160.49 swing low to 163.98 high and also slid under both the 100 and 200 simple moving averages on the 4-hour chart, with additional chart support discussed near 158.35, 158.00, and 157.40.

The move coincided with US GDP growth of 1.5% in Q2, coming in below the 2.1% expectation, which weighed on the US dollar, Action Forex said.

Further downside scenarios cited include a break below 157.40 that could extend toward 156.80 and potentially 155.50, while resistance was cited near 161.50 and 162.25, where a close above could revive gains toward 163.00.

Latest closeUSD/JPY 159.31 ▼0.1%

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