The Japanese yen struggled as the Q4 GDP fell short of expectations. The pair’s latest retracement found support over the psychological level of 130.00 which coincides with a resistance level from a previous swing low. A subsequent break above 131.80 indicates solid commitment from the buy side. A close above 132.90 would attract momentum buyers and send the pair to the daily resistance at 134.70. An overbought RSI has tempered the bounce and 131.50 is a key level to keep the optimism going in the short-term.
