USD/JPY approaches 113.00 after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/JPY pushed even higher approaching the 113.00 area and posting fresh 2-day highs following the release of better-than-expected US durable goods orders.

    US durable goods orders
    rose a seasonally adjusted 4.9% in January, beating expectations of a 2.9% increase. Excluding transportation, orders grew by 1.8%, above the 0.2% rise expected. Even though initial jobless claims came in at 272K vs 270K expected, they have been below the 300,000 for almost a year, pointing to improvement in labor market.

    USD/JPY advanced to a daily peak of 112.90 after the data and continues to aim higher. At time of writing, the pair is trading at 112.85, 0.62% above its opening price.

    USD/JPY levels to consider

    In terms of technical levels, immediate resistances are seen at 113.05 (Feb 23 high) and 113.37 (Feb 22 high). On the flip side, supports could be found at 111.03/110.97 (Feb 24 low/2016 low Feb 11) and 110.00 (psychological level).
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