USD/JPY bears testing 137.00 after Japan GDP – by fx_ross Japan USDJPY DollarIndex GDP
USD/JPY is down some 15 pips following the data while the US Dollar was otherwise steady in prior trade but down from three-month highs that were reached earlier on Wednesday after Federal Reserveoffered no major surprises on his second day of testimony before Congress and as investors waited for jobs data on Friday.
USD/JPY rallied on Tuesday when Fed's Powell said the central bank will likely need to raise interestmore than expected in response to strong data. He added that the Fed would be prepared to move in what has been perceived by the market as a 50bp hike if the data suggested tougher measures were needed to control inflation.
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