The U.S dollar has moved sharply lower against the Japanese yen, hitting 113.03, after better than expected third quarter GDP figures from the Japanese economy. The Japanese yen has strengthened across the board, after official data showed the Japanese economy growing for a seventh consecutive quarter, led by strong export growth. The USDJPY pair currently trades around the 113.18 level, as intraday buyers continue to defend the key 113 level ahead of the European market open.
The USDJPY pair remains intraday bearish while trading below the key 113.24 technical level. Further declines can be expected towards the 112.98 and 112.28 levels, while price-action holds below the 113.24 level.
Should price-action move above the 113.24 level, USDJPY buyers will likely re-test the 113.68 and 113.92 resistance levels.