USD/JPY: minor recovery vs deep bear trend post BoJ and US GDP

USD/JPY is currently making a minor recovery after last week's downside in the BoJ and US GDP numbers.

USD/JPY dropped hard after the BoJ, but coupled with the US GDP on Friday, it tested the 102 handle to the max. 

"US GDP rose 1.2%/yr in Q2, more in line with the last minute downgrade from the Atlanta Fed's Nowcast model (1.8%) than consensus at 2.5%," as analysts at Westpac explained, adding, "Q1 was also revised down from 1.1% to 0.8%. That's now 3 very sluggish quarters of growth in a row: 0.9%, 0.8% and 1.2% for Q2." For the week ahead, we now await the nonfarm payrolls on Friday and misses there could reveal levels below the 102 handle and to test the below the psychological 100 level again thereafter.

USD/JPY levels

USD/JPY 100.00 was broken to the downside on the 23rd June on the Brexit vote, but price recovered sharply in mid July to 107.48 highs. The immediate support is 102.00 and 101.80 while 103.40 comes as a key resistance being the 29th July high before 105.58 28th July high.