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USD/JPY trims gains as weak data overshadows hawkish Bullard

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Disappointing durable goods released the US made sure USD/JPY trimmed gains despite NY Fed’s Bullard view of a possibility of an early rate hike.

    Rejected at 113.00

    Stop clocked a high of 113.00 earlier today before backing off to 112.75 levels in early Europe. Fed’s Bullard was hawkish, but Yen remained resilient and inched higher against the greenback after the weak durable goods orders report hit the wires.

    Across the board weakness highlighted by durable goods report pushed US index futures deep into the red, which added to the bid tone around JPY. The spot now trades around 112.45 levels.

    USD/JPY Technical Levels

    The immediate hurdle is noted at 113.00 (daily high + zero figure), above which the pair could target 113.52 (rising trend line hurdle). On the other hand, a breakdown of immediate support at 112.29 (daily low) would expose 111.77 (Feb 23 low).
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