USD/JPY jumps back above 113.00 mark after upward revision of US GDP

Upward revision of US Q3 growth numbers helped the USD/JPY pair to reverse Monday's corrective slide and move back above 113.00 handle.

Currently hovering around 113.00 mark, the pair extended recovery momentum and jumped to session peak level of 113.34 after the first revision of US GDP showed economy grew at a faster-than-expected annualized pace of 3.2% during the third quarter of 2016, better-than 3.0% expected and 2.9% reported earlier. 

Traders now look forward to the release of Conference Board's Consumer Confidence index for November, which if prints better-than-expected reading would provide an additional support to the prevalent bullish sentiment surrounding the greenback led by growing investors confidence over faster US economic growth on the back of aggressive fiscal stimulus by Trump-administration. 

Technical levels to watch

Sustained move above 113.25-30 immediate hurdle now seems to assist the pair back towards 113.70-75 resistance (multi-month highs) before the pair attempts a move towards 114.00 handle. On the downside, 112.75 level now becomes immediate support to defend, which if broken is likely to drag the pair back below 112.00 handle towards retesting 111.75-70 strong horizontal support.