FxWirePro: USD/JPY extends gains for the second straight session, refreshes weekly high above 109 handle

USD/JPY chart - Trading View 

USD/JPY was trading 0.33% higher on the day at 109.07 at around 10:20 GMT, slightly lower from session highs at 109.16.

The data from the US showed on Wednesday that Durable Goods Orders in February declined by 1.1%. 

On a positive note, the IHS Markit's preliminary PMI showed that the business activity in the manufacturing and the service sectors continued to expand at a strong pace.

US dollar continued to garner support from expectations for a relatively faster US economic recovery.

The optimistic US economic outlook was reaffirmed by Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen during their joint testimony before the Congress.

Technical bias for the pair has turned bullish on the intraday charts and price action has edged above 200H MA.

Amid lack of major data ahead, the US GDP and speeches from the central bankers could test the market sentiment and dictate price moves.

'Golden Cross' (bullish 50-DMA crossover on 200-DMA) to support further upside in the pair. Scope for test of 76.4% Fib at 109.56.