- USD/JPY is extending upside for 3rd consecutive session, up from multi-week lows at 110.84.
- The US Dollar got a minor boost after the US Q3 GDP was revised higher to show economic growth of 3.3% y/y.
- US Treasury bond yields also rose sharply following the outgoing Fed Chair Janet Yellen's testimony, providing an additional boost to the pair.
- Strong gains across equity markets despite North Korea's latest ballistic missile test weighed heavily on the Japanese Yen's safe-haven appeal, further supporting upside in the pair.
- The major is struggling to hold gains above 112 handle, we see strong resistance at 112.11 (weekly 200-SMA).
- Technical studies are turning bullish. Stochs have shown a rollover from oversold levels and RSI are biased higher.
- Breakout above could see test of 20-DMA at 112.65, while on the flipside, break below 200-DMA at 111.67 could see resumption of downside.
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 69.4773 (Neutral), while Hourly JPY Spot Index was at -78.087 (Bearish) at 0430 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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