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.