JPY started the week at Y102.51 from a NY range of Y102.12-Y102.61, euro-yen opened at Y139.87 in Asia while NY traded a range of Y139.50-Y139.92. Japan Q1 final GDP grew an an annualized 6.7% q/q, faster than median of 5.6% while seasonally adjusted Q1 GDP grew 1.6% q/q from a median of 1.4% and Japan April current account surplus recorded Y187.4 bln lesser than market consensus. The pairs kneejerk up to Y102.62 & Y140.09 from early lows of Y102.49 & Y139.78 before slipping lower to Y102.50 & Y139.87, firmer UST yields found buyers pushing the pairs to Y102.59 & Y139.99 but met more offers pressuring the rates lower to Y102.50 & Y139.85 last. Risksentiments also improved as China registered the largest trade surplus in five years, boosted by stronger exports and lower imports. Dollar-yen breached NY’s high briefly, dollar bulls looking for a close above Y102.80 for resumption of bullish tone ahead of medium offers at Y102.75/80, exporters offers are also noted at Y103.00 with stops above Y103.00. Euro-yen breached last week’s high of Y139.99, bulls look for a close above for a test of 100-dma (Y140.55) & 55-dma (Y140.64) ahead of reported strong offers at Y140.50.
