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USD/JPY -0.23% extends retrace from multi-month lows at 104.62, breaks above strong resistance at 21-EMA.
Upbeat US GDP data along with receding tensions between US and China over trade tariffs is also supporting the US dollar -0.02% .
US GDP exceeded expectations, came in at 2.7% versus 2.9% forecasted by analysts.
Further, the PCE Index, preferred by the Federal Reserve , came in line with expectations at 2.9% for the fourth quarter of 2017.
The pair is trading is now consolidating previous session's gains, is trading slightly lower on the day.
Technical indicators are turning bullish , we see scope for further upside in the pair. Weakness likely to resume on close below 21-EMA.
Support levels - 106.26 (21-EMA), 106, 105.77 (5-DMA)
Resistance levels - 107, 107.66 (55-EMA), 109.97 (cloud base)
Good to go long on dips around 106.40/50, SL: 106, TP: 107/ 107.65/ 108
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