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   “¢   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


       Today Last Price:  110.8
       Today Daily change %:  -0.17%
       Today Daily Open:  110.99
       Daily SMA20:  110.34
       Daily SMA50:  109.79
       Daily SMA100:  111.39
       Daily SMA200:  111.31
       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