The better than expected GDP report out of Japan failed to rally the Japanese Yen which is why I took a long position in the AUDJPY today. This currency pair is trading inside of its support level after a nice sell-off took it there. I was waiting for the GDP report to be released before placing my buy order.

I think we can see a rally of roughly 150 pips which will take us back to resistance from where I will take another look. Upward momentum may be strong enough for a breakout and continuation, but plenty will depend on fundamental factors.