FxWirePro: USD/JPY breaks above 200-DMA, USD strengthens across the board following Powell's upbeat comments

USD/JPY chart on Trading View used for analysis

• USD/JPY spikes past 200-DMA as the major extends previous session's gains.
   
• US dollar buoyed across the board after upbeat GDP data and Fed Chair Powell's comments.
   
• Fed Chair Powell mentioned that the US economy is in good shape and continued emphasis on patience for the monetary policy.
   
• Further, initial estimate for US Q4 GDP of 2.6% annualized calm market worries about a slowdown.
   
• Also, Jobless claims at 225,000 in the week of February 23rd have consolidated near records lows. 
   
• US dollar buying gathered steam, pushing the major past 200-DMA, bias remians bullish.
   
• Next major bull target lies at 112.21 (76.4% Fib) ahead of 112.33 (200-W SMA).

Support levels - 111.31 (200-DMA), 110.77 (61.8% Fib), 110.56 (20-DMA)

Resistance levels - 112, 112.21 (76.4% Fib), 112.33 (200-W SMA)

Recommendation: Good to stay long on dips, SL: 111.30, TP: 112/ 112.20

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.