The Japanese yen inched higher after an upbeat GDP in Q2. The pair is trading in a narrowing range, a sign of the market’s indecision before a major breakout.
From the daily chart’s perspective, the bullish bias still prevails.
Buyers have bid up from 109.10 and 109.55 is the latest support. A rally above the psychological level of 110.00 is pushing to the key resistance at 110.50.
A bullish breakout would cement the optimism. A fall below said support would shake out short-term buyers and send the pair to revisit 109.10.
