Japanese yen continued to strengthen during Asia and New York session on Tuesday as economic data showed that Japan’s economy grows faster than expected in the first quarter of 2016, helped by positive revision on private consumption and business investment. GDP grow 1.9% annualized in first quarter, rose from previous estimation at 1.7%, according to data from Cabinet Office on Wednesday.
The positive revision possibly will give more space for Prime Minister Shinzo Abe, who experienced difficulties to revitalize Japan’s economy and decided to postpone the tax rise.
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Eko Trijuni has been trading forex full time since 2005. He is now the Head Market Analyst for FOREXimf.com. His specialty is technical analysis.