FxWirePro: Japanese Yen Gains in Early Asia on the Back of Higher Than Expected GDP Data

FxWirePro: Japanese Yen Gains in Early Asia on the Back of Higher Than Expected GDP Data

18 May 2016, 06:47
Roberto Jacobs
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FxWirePro: Japanese Yen Gains in Early Asia on the Back of Higher Than Expected GDP Data

  • USD/JPY is currently trading around 108.88 marks. 
  • It made intraday high at 109.23 and low at 108.72 levels. 
  • Japanese economy grew 0.4% in the March quarter vs. contraction of 0.3% in the December quarter and beats the consensus forecast of a 0.1% increase. 
  • Intraday bias remains neutral till the time pair holds initial support at 108.60 marks. 
  • A sustained break below 108.60 will drag the parity down towards 108.27, 107.94, 106.15, 105.71, 105.45 and 104.55 levels respectively. 
  • On the other side, a daily close above 109.32 will drag the parity up towards 111.23, 112.60 and 113.42 levels respectively.



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