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USD/JPY refreshes session tops post-US GDP, looking to build on momentum beyond 111.00 handle

   •  US Q4 GDP growth stood at 2.6% annualized pace as against 2.3% expected.
   •  The data provided a goodish lift to the USD, though cautious mood capped gains.

The USD/JPY pair managed to recover early lost ground and spiked to session tops, with bulls now looking to build on the momentum beyond the 111.00 handle.

Having consolidated in a range through the mid-European session, the pair caught some bids in the last hour after the advance US GDP print came in to show that economic growth stood at 2.6% annualized pace during the fourth quarter of 2018. 

Despite a deceleration from the previous quarter's solid growth of 3.4%, the reading was still better than consensus estimates pointing to a 2.3% growth rate and provided a goodish lift to the US Dollar, albeit weaker US Treasury bond yields kept a lid on any meaningful up-move.

Hence, it would be prudent to wait for a strong follow-through buying beyond the 111.00 handle before traders start positioning for any further appreciating move, beyond YTD tops, towards challenging 50-day SMA barrier near mid-111.00s.

Technical levels to watch

USD/JPY

Overview:
    Today Last Price: 110.8
    Today Daily change %: -0.17%
    Today Daily Open: 110.99
Trends:
    Daily SMA20: 110.34
    Daily SMA50: 109.79
    Daily SMA100: 111.39
    Daily SMA200: 111.31
Levels:
    Previous Daily High: 111.08
    Previous Daily Low: 110.35
    Previous Weekly High: 110.96
    Previous Weekly Low: 110.42
    Previous Monthly High: 110
    Previous Monthly Low: 104.75
    Daily Fibonacci 38.2%: 110.8
    Daily Fibonacci 61.8%: 110.63
    Daily Pivot Point S1: 110.54
    Daily Pivot Point S2: 110.08
    Daily Pivot Point S3: 109.81
    Daily Pivot Point R1: 111.26
    Daily Pivot Point R2: 111.53
    Daily Pivot Point R3: 111.99

 

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