USD/JPY chart on Trading View used for analysis
- USD/JPY is comatose around 111 handle, intraday bias is bullish.
- U.S. dollar underpinned by solid performance in equities, political-related headlines and rising UST yields.
- Reports showed that Trump will likely avoid another shutdown by approving the latest deal sealed in the Congress and could extend truce with China to extend talks beyond March 1.
- Japanese data released earlier today showed preliminary Q4 GDP rose to 0.3 % q/q, missing forecast at 0.4 % vs previous -0.6 %.
- Technical studies are turning slightly bullish on the daily charts. Volatility is rising.
- Bulls eye 200-DMA at 111.29. Breakout at 200-DMA will see further upside.
- On the flipside, retrace below 55-EMA will see dip till 21-EMA. Violation there negates bullish bias.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-USD-JPY-extends-bullish-momentum-hits-7-week-highs-at-11065-1496518) has hit TP1/2.
Recommendation: Book partial profits at highs. Watch for break above 111 for further upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
