• USD/JPY inched higher on Tuesday as better than expect US GDP data reinforced expectations that Federal Reserve will raise interest rate in by the end of year.
   
• Data showed U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years.
   
• Expectations of stronger growth after U.S President-elect Donald Trump takes office in January have also helped dollar regain its footing.
   
• Further downside is expected to be limited as the pair finds strong support at 111.91 which should limit further decline and bring rebound towards higher levels in the short term.
   
• To the upside, the strong resistance can be seen at 113.83, a break above this level would take the pair towards next resistance level at 114.00.
   
• To the downside immediate support can be seen at 112.56, a break below this level will open the door towards next level at 111.91.
  
  Resistance Levels
  
  R1: 113.43 (23.6% Retracement Level)
  
  R2: 113.83 (Nov 11th high)
  
  R3: 114.00 (Psychological levels)
  
  Support Levels
  
  S1: 112.56 (38.2% Retracement Level)
  
  S2: 111.91 (50% Retracement Level)
  
  S3: 111.23 (61.8% Retracement Level)