• USD/JPY declined on Monday after data showed Japan's economy expanded faster than expected in the fourth quarter cementing the case for more rate hikes from the Bank of Japan (BOJ) this year.
• Data showed Japan's GDP grew 2.8% annualized in the October-December quarter, surpassing the median market estimate of a 1.0% increase..
• Japan's nominal GDP in 2024 reached 609.29 trillion yen ($4 trillion), surpassing the 600 trillion yen mark for the first time. However, it remained below Germany, ranking as the world's fourth-largest economy.
• At GMT 06:26, the pair was trading down 0.37 % at 151.69 .
• Immediate resistance is located at 152.48 (38.2%fib), any close above will push the pair towards 154.26(23.6%fib).
• Support is seen at 151.07(23.6%fib) and break below could take the pair towards 150.58 (Lower BB)
Recommendation: Good to sell around 151.80, with stop loss of 152.50 and target price of 151.20
