The USDJPY fell lower on the initial reaction to the weaker than expected GDP and tests the lows of the day. Speculation of further QE will likely dominate. Those lows come in at the 80.46 and 80.48 level. The low off this number comes in at 80.486 so far. The BOJ increase in bond buying by 10T yen is just a distant memory.
- The low from April at 80.285 is the next target
- The 38.2% of the move up from 2012 low comes in at 80.09.
- A break below these next targets will eye the 100 day MA at the 79.528
On the topside, the 100 bar MA on the 5 minute chart will be eyed now. That level comes in at the 80.74 level. Above that a move above the 80.84-88 (38.2% and 200 bar MA on the same chart) would muddy the water/be a disappointment for the sellers/shorts.
