USD/JPY: remains solid in Tokyo and eyes 112 handle

Currently, USD/JPY is trading at 111.78, down -0.12% on the day, having posted a daily high at 111.95 and low at 111.68.

• Forex today: US dollar firms up and yields rise

USD/JPY has remained robust in the open of Tokyo, holding onto the gains and advance that was made overnight. The US dollar was on fire, supported by Fed officials advocating for further hikes this year while US data came in supportive as well, complimenting the surprise surge in consumer confidence seen earlier on in the week.

• Fed's Dudley: Easing financial conditions played role in prompting March rate hike
• Fed's Dudley: Gradual rate hikes appropriate to avoid overheating, significant inflation overshoot

The latest data for the last-quarter in 2016, the U.S. gross domestic product has the economy expanding by 2.1% for the last three months of 2016, beating the initial consensus of a 1.9% annual rate. 

• USDJPY: Looking to buy at 111.50 with a SL under 110.90

Valeria Bednarik, chief analyst at FXStreet explained that the pair presents a bullish intraday stance:

"In the 4 hours chart, technical indicators have resumed their advances within positive territory and stand at their highest in two weeks, although in the same chart, the 100 SMA maintains its bearish slope well above the current level, whilst selling interest contains advances around former yearly lows in the 111.60 region. Unless the pair is able to recover clearly above this last, the risk will remain towards the downside, with a break below 111.00 required to confirm additional declines."