As the buck heads to 119.00 the pound and euro stay relatively calm
119.03 is the low in the drifting dollar and we've moved to a general risk off mode as the pound and euro edge lower too
Economists have had their knives out for Q1 GDP estimates. JPM cut their tracker to 0.6% from 0.7%. Mitsubishi chop theirs by a pip to 0.8%, but the biggest shift comes from Deutsche Bank who carve a whole percentage point off their prior growth forecast of 1.7%
As I type a first look at 119.00 has been rebuffed and we're back up to 119.20. Yen crosses are still at the bottom of their latest moves so that might keep the upside in check for USDJPY
The next real support, should we move through 119, isn't until 118.50/55, and unless we see the pair have one of its random stop smashing screaming fits, 118.80 should see support coming in too
USDJPY daily chart
One eye will no doubt be cast towards the FOMC next week so there is the possibility that we won't range too far from current levels. 118.00/10 - 120.70 is still the ball park for the pair so play the edges until they go
