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USD/JPY posted a fresh high of 117.05, only to retrace afterwards – FXStreet

FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, the USD/JPY pair posted a fresh year high of 117.05 after weaker than expected Japanese GDP readings early Asian session, and proceeded to retrace strongly down to 115.45.

Key Quotes

“Nevertheless, the pair trades back above the 116.00 level and its moving averages in the 1 hour chart, albeit indicators lack upward momentum still in negative territory.”

“In the 4 hours chart technical readings present a mild positive tone, as per heading higher after bouncing around their midlines, yet some follow through beyond 116.60 is required to confirm further intraday gains.”

USD/JPY steadies above 116.00

USD/JPY has had a volatile day so far, having hit a fresh 7-year peak on the back of disappointing Japanese GDP, before being firmly rejected from above 117.00.
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