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USD/JPY: bulls taking profit below 103.00

Let’s have a brief look at USD/JPY. Rally slowed following the yesterday’s strong Japanese preliminary GDP and the downbeat US data. The pair is now trading a bit below the yesterday’s high at 102.75, but bulls keep strengthening.

Most economists expect USD/JPY growth to continue in the near term. Analysts at BTMU say the pair is taking a breather after its recent sharp rise. According to analysts at Mizuho Securities, the current profit-taking in USD/JPY is also caused by the slide in the Nikkei stock average, which fell 1.1% to below the 15,000 line breached Wednesday. Analysts say eyes are now on further US releases: today watch the April CPI and housing starts, as well as weekly jobless claims later in the day.

Chart. Daily USD/JPY

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