The bullish rally in the US stock market is gaining momentum, which will have a positive influence on the value of USDJPY, inasmuch as the instruments have been historically correlated with each other. On Thursday, April 29, the US will publish its first quarter’s GDP report, which may please traders with positive data.

The New York FBY economic model points to 6.8% GDP growth, meanwhile, the consensus forecast of Wall Street investment bank economists is 0.2% less. In my opinion, investors will buy shares in the S&P500 before the publication of the GDP report, after which we will see positions fixing and a technical correction.

Investment idea: Buy 107.99/107.75 and take profit 108.40.