1st qtr GDP numbers come out at 7:50 ET. The median estimates are: QoQ: 0.09% annualized: 3.8% GDP deflator YoY: -2.4% The yen has backed up over 140 pips since the lows reached earlier this morning. There might be some upside left but we are reaching an area where it has run into resistance. There should be some sort of retracement of this move upwards. The 114.00 level and 113.81 level are the 38.2 and 50% FIB levels of this move. Unless the numbers come out way weaker then consensus, it should be a sell on the news.