USDJPY is clearly heading towards 109.00

The USDJPY pair is gradually declining amid continuing weakness in the US dollar and is clearly moving towards 109.00. The instrument is currently trading at 109.17. Nothing prevents investors from pushing the pair a little lower.

At the same time, the news does not come out in favor of the “Japanese woman”. For the sake of fairness, it should be noted that the yen rarely reacts strongly to macroeconomic statistics.

Japan’s GDP in the first quarter of 2021 fell by 1.3% q / q against the expectation of a decline of 1.2% and the previous fact of an increase of 2.8%. On an annualized basis, the Japanese economy collapsed 5.1% against the forecast of a decline of 4.6% y / y. The main blow to the GDP came during the second wave of the state of emergency in the country, which lasted until March 21, when restrictions seriously hampered the possibility of consumer spending.

Probably, in the second quarter, Japan’s GDP will be able to grow by 0.5-1.5%, which will smooth out the failure of the beginning of the year.

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