USD/JPY: bulls sit tight below 107 handle - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen appreciated across the board this Wednesday, finding support in an upward revision of Q1 GDP, up to 0.5% quarterly basis against a previous read of 0.4%.

Key Quotes:

"The current account surplus during the first quarter of the year surged to Y1.8785tln, against Y2.3189tln expected, keeping the risk towards the downside for the USD/JPY pair on a net basis. Having traded as low as 106.58, the subsequent intraday recovery staled short from the 107.00 figure.

In the short term, the 1 hour chart shows that the price is well below a bearish 100 SMA, whilst the technical indicators have recovered modestly within negative territory, with not enough strength to confirm an upward continuation at the time being."