USD/JPY: bullish, awaiting Japan GDP – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair held within a limited range for most of this Monday, barely advancing above the 109.00 figure in the US afternoon as Wall Street posted a nice comeback.

Key Quotes:

“During the upcoming Asian session, Japan will release the first estimate of its Q1 GDP, expected to result at 0.1%, after falling 0.3% in the last quarter of 2015, but there’s an unconfirmed rumor that the third-largest economy has likely shrunk in the first three months of the year, which may fuel speculation that the BOJ will have no choice but to add stimulus in their upcoming June meeting.”

“In the meantime, the short-term picture is bullish, although there’s a clear absence of strength in technical readings, as in the 1 hour chart, the price is barely a few pips above a flat 20 SMA, whilst the technical indicators are advancing modestly from their mid-lines, pretty much looking neutral at the time being.”
For more information, read our latest forex news. …read more

Source:: FX Street