Buy on a level breakthrough of 109.65 with 110.50 target. Stop loss = 109.15.
Reason for the trading strategy
Japan's GDP increased by 0.4% (q/q) in Q1 2016, with a forecast of 0.1% (q/q). The figure decreased by 0.4% (q/q) in Q4 2015. The statistics, which were better than expected, supported the yen, not allowing the USDJPY pair to overcome the resistance level of 109.65. This level may be broken in the evening, when the US Federal Reserve meeting minutes for April are published.
Reason for the trading strategy
Japan's GDP increased by 0.4% (q/q) in Q1 2016, with a forecast of 0.1% (q/q). The figure decreased by 0.4% (q/q) in Q4 2015. The statistics, which were better than expected, supported the yen, not allowing the USDJPY pair to overcome the resistance level of 109.65. This level may be broken in the evening, when the US Federal Reserve meeting minutes for April are published.
Exness - USDJPY: consolidation after publication of Japan's GDP for Q1 2016
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