BOJ Ueda: No change in view of Japan economic outlook despite Q1 GDP contraction

BOJ Ueda is speaking in the early US session and says:

• No change to view on Japan’s economic outlook despite Q1 GDP contraction
• Japan’s Q1 GDP contraction was due largely to drop in auto output, impact on consumption and exports
• Expect auto output to recover in Q2 onward. Cost-push inflation to keep easing and underpin consumption
• Our view on global economy has not changed much since BOJ’s policy meeting in April
• Biggest focus regarding overseas risks would be whether U.S. economy will achieve soft landing
• Don’t see any fresh risks regarding overseas economic outlook

The USDJPY moved above the corrective high from last week at 156.75 at the end of yesterday, and in Asian-Pacific and the European session (by a few pips). The high reached 156.895. The appraiser is taking to new lows at 156.534. The rising 100-hour moving outcomes and at 156.209. Ultimately, getting and staying below the 100-hour moving average is needed to increase the bearish bias technically.

This article was written by Greg Michalowski at www.forexlive.com.