The Japanese yen rose 0.03% on the day as trading in the USDJPY was rather subdued. The market sentiment was somewhat mixed with the Treasury yields stabilizing. Durable goods orders fell 1.9% on the month compared to estimates of a 2.1% decline. Core durable goods orders rose 0.1%. Economic reports from the US continue to come at a slightly better than expected forecasts.
Will USDJPY Be Able to Close Above Resistance?
The currency pair managed to close above the resistance level of 111.40 on Tuesday. However, the close wasn’t very convincing which could result in prices probably reversing off the resistance level. A bullish close on the day is required to confirm that the upside momentum is intact. This will set the stage for the USDJPY to test 112.51 as the next upside target.
