Japan's second quarter GDP was revised from +0.1% to -0.1%. This barely makes a difference to Japan's overall economic situation, other than the fact that it puts it officially in recession (two consecutive quarters of declining GDP).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbWB3PwFuDgmWHuChuG-ZcsBmsDAhJ8r4XvMiKlxOZc6a7d_7T9cV3ePbG5zlT9leO03objE94EkZyu3QGJY6mpUxQCOCn2Frc7GLOHNllMZRDKhXxFRsCqYuIdjdvzn8io__-6VOS9HrF/s640/Japan+GDP.png) |
Source: Tradingeconomics |
The yen remains relatively weak on these fundamentals, although technically USD/JPY has not been able to break the current resistance level. USD/JPY appreciation is held back by large spec short yen positions (
see discussion) that cover as the yen hits certain levels.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0dgIl-hpo0qgnlWWILQq9aZDtoLQBgue5pKoTBUxu7IPodI1lKqRi9X5FcPalTV6dCw0zFnciIkPZqH1U8O0n_yp5Y-mT2W-4IuY7Fj1CqzNtZu_cQIQ0SLeckplxyoP9K9ysjBF5Jm72/s400/USDJPY.png) |
JPY per one dollar (source: Forexpros) |
SoberLook.com
From our sponsor: