USD/JPY reverses despite strong GDP print by Milan Cutkovic

The market doesn’t seem too convinced about the earlier GDP release and USD longs are covering some of their positions. USD/JPY touched 118.30 earlier, but has reversed now back to sub-118.00. I think losses will be limited to 117.50/60, but the next major support area obviously lies at 117.30. Below there, expect stops in good size and further position covering from longs.

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