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28 Jan 2014
USD/JPY erases gains after US durable orders
FXstreet.com (Córdoba) - The USD/JPY turned lower and erased intraday gains as the greenback weakened on the back of disappointing durable goods orders.
US durable goods orders fell by 4.3% in December from November to $229.3 billion, recording the second drop in 3 months and the sharpest decline since July. The USD/JPY reacted negatively, falling all the way back toward the 102.65 zone, retracing completely its daily advance, having been as high as 103.25 earlier on the day. At time of writing, the USD/JPY is trading around 102.70, virtually unchanged since opening, with investors' focus on Wednesday's Fed monetary policy decision.
USD/JPY levels to watch
In terms of technical levels, immediate supports are seen at 102.48 (Jan 28 low), 102.00 (psychological level) and 101.76 (Jan 27 low). On the upside, resistances could be found at 103.25 (Jan 28 high/100-hour SMA) 103.56 (Jan 26 high) and 103.69 (10-day SMA).
US durable goods orders fell by 4.3% in December from November to $229.3 billion, recording the second drop in 3 months and the sharpest decline since July. The USD/JPY reacted negatively, falling all the way back toward the 102.65 zone, retracing completely its daily advance, having been as high as 103.25 earlier on the day. At time of writing, the USD/JPY is trading around 102.70, virtually unchanged since opening, with investors' focus on Wednesday's Fed monetary policy decision.
USD/JPY levels to watch
In terms of technical levels, immediate supports are seen at 102.48 (Jan 28 low), 102.00 (psychological level) and 101.76 (Jan 27 low). On the upside, resistances could be found at 103.25 (Jan 28 high/100-hour SMA) 103.56 (Jan 26 high) and 103.69 (10-day SMA).