From the opening of the trading session the USD/JPY pair is rapidly lowering. In anticipation of the USA GDP data and Durable Goods Orders publication USD/JPY lost 0.68% and is testing the level of 111.00. Technical indicators reflect the growing influence of sellers: are diverging, confirming the downward trend; histogram is in the negative zone and is rapidly growing.
It the sellers can consolidate the price below the level of 111.00; the new wave of sellings can develop to test the level of 110.02.
The upward trend can be confirmed after the consolidation of the price above the level of the middle line of (111.60), and in this scenario the pair will grow to the area of 112.16.
Today the US statistic will be published and is expected to be mixed. The YoY GDP is expected to grow to 0.9% in the 1 from 0.7% in the previous period. Durable Goods Orders index is expected to lower to -1.4% in April from 1.7% in the previous month.
Support levels: 110.84, 110.02, 109.35.
Resistance levels: 111.44, 112.16, 112.71.
Open short positions below the level of 110.84 with the target around 110.02 and stop loss at 111.00.
Open long positions open above the level of 111.60 with the target around 112.16, 112.71 and stop loss at 111.30