USD/JPY is currently in bullish bias after the market has broken above the level 112.50. Today morning, JPY high impact event Prelim GDP was forecasted to be unchanged at 0.3%, but the actual report was 0.2% which was -0.1% deficit. This deficit affected the JPY, and USD is currently seen gaining strength over the JPY without any economic events on the USD side. As of the JPY deficit GDP report and USD gaining continuous strength it is expected that USD will reach the 115.20 resistance soon.
Now let us look at the technical view of the market, after massive buying, as 112.50 event level is taken out last week, price is currently above the support area of 113.00-50 and last h4 rejected from 113.50 with bullish body. As the market remains above 113.00-50 area it is expected that the price will progress toward 115.20 but price may follow some corrective structures before reaching the resistance at 115.20.
