FxWirePro: USD/JPY holds major support at 109.80, weakness only on break below

• USD remains bid as markets digest hawkish speeches from the Fed officials, Fed’s Powell suggested overnight that Fed should raise rates ‘fairly soon’. 
   
• JPY also remained buoyed amid ongoing chatter that Japan’s PM Abe will soon announce delay in sales tax hike.
   
• USD/JPY is holding above major support around 109.80 levels (4H 5SMA @108.80, 10SMA @108.81 and  50SMA @108.78). Break below could see test of 109.55 (trendline support).
   
• On the upside, major resistance is seen at 110 (Trendline joining 110.45 and 110.20). Break above could see gains upto 110.35 and then 110.44.
   
• Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-finds-stiff-resistance-at-10995-good-to-sell-rallies-213300) has hit all targets.
   
• Focus now remains on the US GDP numbers and Fed Chair Yellen’s speech, especially after we had weaker durable goods orders release a day before.
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Recommendation: Buy breakout above 110, SL: 109.80, TP:110.35/110.45. Sell break below 109.80, SL: 110, TP: 109.55/109.40