USD/JPY reversed directions last week, as the pair dropped about 230 points last week. The pair closed at 1.2331. The upcoming week is very quiet, with just three events on the calendar. Here is an outlook on the major events moving the yen and an updated technical analysis for USD/JPY.
In the US, data was generally upbeat, but the greenback wasn’t able to take advantage as traders were hesitant to buy the USD ahead of the Fed Statement. In Japan, GDP was unexpectedly strong, posting its strongest gain in 4 quarters.
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