USD/JPY finally broke out last week to trade above $108.50 in a comfortable fashion. The buyers were able to capitalize on the break and force the price action to trade at $109.85, the highest since March. Separately, the Japanese economy is officially in recession. Fundamental analysis: The output has plummeted The government of Japan said that the economy contracted 2.2% for the first quarter, which is a much better reading than a contraction of 3.4% indicated in the preliminary reading. Analysts expected the economy to shrink by 2.1%. “The upward revision to Q1 GDP displayed in the revised estimate is
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