The Japanese yen decided to grow after a two week bearish trend. The current price in the USD/JPY pair is 114.12. The February lowest price was 110.97 and harsh correction is obvious.
Data on GDP of Japan for the fourth quarter of last year released today. Japan’s economy contracted by 0.4% q/q, after growth of 0.3% q/q in the last quarter. This soft GDP data shows itself clearly on chart. Also Nikkei 225 gapped higher when Japanese stock market opened.
This harsh bullish retrace has serious resistance levels on its way. The first will be 115.17, then 116.30 and 117.60 as the Fibonacci levels for that bearish movement started in 29 January.