The yen stalled after Japan’s GDP showed an unexpected contraction in Q3.
A break below the daily support at 112.70 has put the bulls on the defensive. The latest consolidation is a sign of indecision as to whether the correction would continue.
The greenback found support over 112.50 and a close above 113.95 could help the bulls regain the upper hand. Then the psychological level of 115.00 would be the next step before the uptrend could resume.
On the downside, a fall below 113.10 would retest the key support at 112.50.
