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Forex: USD/JPY: Opening higher in European session despite positive JPY GDP

FXstreet.com (London) - USD/JPY: Opening higher in European session despite positive JPY GDP

The price action over night had correlated to the positive GDP in Japan where consumer confidence is higher, although sluggish in the corporate sector. Overall, the number printed the best number for over a year.

The price reacted and the Yen shed some gains to the down side to 101.96 but has somewhat regained back to 102.39 of time of writing. The market is still heavily biased to the USD and this pair is sighted to move higher, based both on fundamentals and technically. There is an increase of foreign dollar denominated investment with risk apatite in the Northern American economy returning, and technically the market is positioned with bullish signals above the 100 SMA at 101.87 offering near term support. There is a further support line at 100.51 with 200 SMA. On the downside, the market is very long of the dollar that has seen a surge of bigger investment over the course of this week with exporters jumping on. Resistance is sighted 102.59 and 102.75. The market will be looking for USD GDP coming up later today at 13.30BST

France Individual Investment (Current Year): -4% in 1Q

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