USD/JPY has completed the GDP roundtrip. The numbers were solid but there is chatter about the high inventories as a drag on H2.
The rally to 98.52 was gunning for some stops above 98.50 but they’re likely still in place. The bigger offers are around 99.00 which coincides with the major downtrend line today.
Stocks are a driving factor today and the S&P 500 is back above the water line. If sentiment can improve, look for a re-test of 98.50. The only item left on the calendar is a 7-year auction but that maturity is right in the wheelhouse of where the Fed might taper so it could be a weak one.
