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Forex pairs in this Article » USD/JPY (Córdoba) - The USD/JPY fell to daily lows after the final reading of the US Q1 GDP showed the economy grew at a slower pace than previously estimated.

US Q1 GDP gain was revised down to 1.8% from 2.4% previously estimated, diminishing expectations the Fed could taper its stimulus program soon and weighing on the greenback.

USD/JPY retests daily lows

USD/JPY fell over 40 pips after the data to retest daily lows at the 97.30 zone. However, the yen lacked momentum to drag the pair below the 96.95/97.00 area, which has being containing the USD/JPY over the last sessions.

At time of writing, USD/JPY is trading at 97.45, 0.3% below its opening price. In terms of technical levels, USD/JPY could find immediate supports at 96.95 (Jun 25 low), 96.80 (Jun 20 low) and 96.50 (200-hour SMA), while resistances line up at 98.25 (daily high), 98.70 (Jun 24 high) and 99.00 (psychological level).
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