After yesterday's strong growth, the pair took a break before the publication of minutes of FOMC. Even the good GDP data in Japan failed to make a couple of back to its hallway 120.80 - 118.50. This growth is ambiguous, is still not clear whether there is enough power of economic growth to improve the assessment of the Bank of Japan, which is hoping for growth in consumption, however, according to the published data, it grew by only 0.4%, identical to the previous quarter.
Talking about export, there was a decline -0.2% (the forecast was 0.3%) of the GDP, which is not acceptable to the Bank of Japan, as the hope was on the growth of external demand to achieve the projected GDP at 2% in the new fiscal year.
Before today's publication of the FOMC minutes big moives are not expected, to continue the growth of the currency pair you need to hold above the support level of 120.80.
Buy the currency pair should be above the level of 120.80, take profits on the resistance level of 121.20; 121.60; 122,00.
If the pair manage to consolidate below 120.80 support, the possibility of sellingc is to the next levels of 120.50; 120,20.
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