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Forex pairs in this Article » EUR/USD, USD/JPY (Córdoba) - Coming up next the US Bureau of Economic Analysis will publish the final reading of the Q1 Gross Domestic Product, which most analysts expect to come unchanged from its previous reading at 2.4%.

Regarding its effect on the FX market, Valeria Bednarik, chief analyst at notes that GDP can be a big market mover, depending on how convinced get investors that the US economy is actually growing.

"A reading in line with expectations or above it, will tend to support the greenback through the idea of QE tapering, sending it higher particularly against EUR", says Bednarik. However, a reading below expectations can trigger some corrections against the US currency, she says, but only a reading below 2.0% could see a stronger pullback, especially against the yen.

Ahead of the data, USD/JPY is trading at the 97.75 zone, virtually unchanged on the day. With the pair having spent the last four sessions mostly within 96.90 and 98.25, it would need a clear break out of the range to define a fresh bias. Above 98.25, next resistance could be found at 98.70 (Jun 24 high) and 99.00, while below 96.90, the USD/JPY could slid toward 96.50 (200-hour SMA).
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