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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.
