USD/JPY: Japanese economy grew at a faster pace in the first three months of 2017


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 1.68% against the JPY and closed at 110.92.

In the Asian session, at GMT0300, the pair is trading at 111.05, with the USD trading 0.12% higher against the JPY from yesterday’s close.

Overnight data indicated that Japan’s preliminary gross domestic product (GDP) climbed 0.5% on a quarterly basis in the first quarter of 2017, driven by strong exports and robust domestic demand. The nation’s GDP had advanced 0.3% in the previous quarter, while market participants anticipated for a rise of 0.5%.

The pair is expected to find support at 110.15, and a fall through could take it to the next support level of 109.26. The pair is expected to find its first resistance at 112.30, and a rise through could take it to the next resistance level of 113.56.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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