USD/JPY hits a fresh session high after surprisingly stronger US GDP print

The USD/JPY pair maintained its strong bid tone and is now fast approaching session high following a surprisingly stronger-than-expected US economic releases.

According to the data released just a short while ago, US economy registered a growth of 1.4% annualized rate during the second quarter of 2016, better-than 1.3% growth expected and 1.1% estimated previously. Meanwhile, weekly jobless claims also came-in to show a lower-than-anticipated rise to 254K as compared to previous week's 251K. 

The incoming data provided an additional boost the OPEC deal-led bullish sentiment surrounding the major and lifting the pair back close to session peak level of 101.75 touched during Asian session on Thursday.

From technical perspective, the pair is now approaching 50-day SMA immediate strong hurdle, which if conquered could trigger a fresh bout of short-covering and continue boosting the pair further during US trading session.

Technical levels to watch

Immediate upside resistance is pegged at 50-day SMA near 101.95-102.00 region above which the pair likely to dart towards its next major resistance near 102.60-65 zone. On the downside, support is now seen at 101.40-30 region, which if broken would negate the bullish momentum and turn the pair vulnerable to break below 101.00 handle and head towards testing 100.30 support area.