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Technical analysis of USD/JPY for June 08, 2015

At the Asian session, the Japanese GDP on quarterly basis and annual GDP index hit the wires. Japan Q1 GDP correction of 1.0% beat the expectations. Japan Q1 GDP was revised up to annualized 3.9% from 2.4%. Analysts expected 2.8%.

Ater Japanese data, the JPY was trading higher against USD. As of now, the pair hit a high at 125.86. The parallel resistance is seen at 126.00. Today, bulls must close above 125.60 to retain the current rally. Support is found at 125.00, 124.65, and 123.70. In the weekly chart, the pair has been showing negative divergence. Readers can remember, we advised buying at 119.00 sl 118.00 with targets at 124.00, 126.00, and 129.00.

For intraday session, selling is available below 125.00 with targets at 124.80 and 124.60. Selling will be tightened below 124.60 towards 124.25 and 124.00. Bulls will face the real problem in case the price corrects below 123.70.0. We recommend fresh buying only if the pair closes above 125.60 on a daily basis. Strong upswing is expected above 126.00 towards 129.00, 133.00, and 136.00.

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