FxWirePro: USD/JPY dips as yen firms following upward revision of Q1 GDP data

• USD/JPY dipped on Monday as a weaker greenback and upbeat Japan's Q1 GDP print boosted the dollar.

• Japan's economy contracted less than initially estimated in the January–March quarter, revised government data showed on Monday.

• Revised data from the Cabinet Office showed Japan’s gross domestic product shrank an annualised 0.2% in the January–March quarter, improving from the initial 0.7% decline reported on May 16, which outmatched  economists’ median forecast.

•  The U.S. dollar slipped lower as investors grew cautious ahead of high-level U.S.-China talks, which are set to focus on critical minerals,a sector dominated by China globally.

• Immediate resistance is located at 145.00 (Psychological level), any close above will push the pair towards 146.10 (50%fib).

•  Support is seen at 143.40(38.2%fib) and break below could take the pair towards  141.83(Lower BB).

Recommendation: Good to sell around 144.50, with stop loss of 145.50 and target price of 143.00