The Japanese yen strengthens on upbeat GDP growth in Q2.
The pair is looking for support after a close above the daily resistance at 110.60. This is an indication that the medium-term rally may resume.
A pullback is necessary however after the RSI showed exhaustion. Analysts can expect buying interest at the psychological level of 109.00. An oversold RSI would make this a congestion area and prompt the bulls to buy the dip.
109.70 is a fresh resistance ahead. A bullish breakout would lead to 110.50.
