Japan’s first quarter GDP indicates that the country has entered a recession. Meanwhile, the USD / JPY is just below the 23.6% retracement of its last daily advance to 107.33, reports FXStreet chief analyst Valeria Bednarik.
Japan went into recession, according to the Q1 GDP estimate, which was anyway better than expected. The economy contracted 0.9% in the quarter ended in March and 3.4% compared to the first quarter of 2019. ”
“The 4-hour chart shows that the USD / JPY pair continues to develop between 100 and 200 slightly bearish SMA, while the technical indicators remain stable above their median line.”
“The USD / JPY is neutral and has limited upside potential as it should break past 107.70 to become more attractive to bulls.”