Chart - Courtesy Trading View
USD/JPY was trading 0.44% higher on the day at 133.14 at around 04:10 GMT, outlook remains bullish.
The pair is extending break above 133 handle and has tested new 20-year high at 133.21, before paring some gains.
After a brief pause in May month, the pair has resumed upside and is trading 3.53% higher for the month till date.
The World Bank lowered this year's global GDP forecast to 2.9% from 4.1%. WB President Malpass warned that faster-than-expected tightening could push some countries into a debt crisis similar to the one seen in the 1980s.
On the data front, Japan's economy shrank an annualised 0.5% in the first quarter, slightly better than the initial estimate of a 1.0% contraction.
Upbeat data has little impact on the Japanese yen which remains offered amid fears of Fed-BoJ policy divergence, pushing the pair higher.
Major Support Levels:
S1: 131.64 (5-DMA)
S2: 129.60 (200H MA)
Major Resistance Levels:
R1: 134
R2: 135.16 (Jan 2002 high)
Summary: USD/JPY trades with the bullish bias. Scope for further gains. Test of 135 levels.
