During yesterday’s trading session USD/JPY traded within the range of 101.42-101.86 and closed at 101.77.
At 8:56 GMT today USD/JPY was gaining 0.1% for the day to trade at 101.91. The pair touched a daily high at 101.94 at 8:35 GMT.
Fundamental view
Durable goods orders in the US probably rose 0.4% in June, following an unexpected 0.9% drop in the previous month that was lower than initially estimated.
Durable goods are new or second hand goods that usually last for a period of over 3 years. Wholesalers sell durable goods such as motor vehicles, furniture, construction materials, machinery and equipment (including household appliances), metals and minerals (except petroleum), sporting goods, toys and goods for leisure activities, renewable materials and spare parts.
Durable Goods Orders excluding Transport probably rose 0.5% in June, after being flat in the previous month, according to the median analysts’ estimate.
The US Census Bureau is scheduled to publish an official report at 12:30 GMT. In case, durable goods orders rose more than expected, the greenback’s demand will certainly be supported.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 101.68. In case USD/JPY manages to breach the first resistance level at 101.94, it will probably continue up to test 102.12.
If USD/JPY manages to breach the first key support at 101.51, it will probably continue to slide and test 101.24.
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