FxWirePro: USD/JPY trades sideways around 50-DMA, focus on U.S. GDP data for further impetus

USD/JPY chart - Trading View 

• USD/JPY is trading in an extremely narrow range, with session highs at 110.67 and lows at 110.40.
   
• The major is comatose around 50-DMA currently at 110.49, bias is neutral.
   
• Price action has bounced off cloud support and we see weakness only on break below.
   
• With no major macroeconomic data scheduled for release in the day, market sentiment will remain the main driver.
   
• Focus then shifts to U.S. Q4 GDP data for further impetus. Break above 110-EMA will see upside till 200-DMA at 111.44.
   
• On the flipside, immediate support is seen at 5-DMA at 110.37. Break below will see dip till daily cloud. 
   
• Break below cloud top support will see further downside. Test of 38.2% Fib at 109.27 then likely.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.