USD/JPY eyes 145.00 amid US durable goods news
|The U.S. Dollar (USD) inched higher against the Japanese Yen (JPY) on Monday (Sep 26, 2022), increasing the price of the USDJPY to more than 144.00 ahead of the release of U.S. Durable Goods Orders news. The technical bias remains bullish since the USDJPY printed a higher low in the recent downside move.
Technical analysis
As of this writing, the USDJPY pair strengthens around 144.13. If the price continues increasing, the pair might face some resistance near the listed price levels.
Short-term resistance
144.69 - the high of September 21, 2022.
145.00 - the psychological level.
145.89- the major horizontal resistance.
Image Source – MetaTrader4 (MT4)
On the downside, the pair might find some sustainability near the listed support levels.
Short-term support
142.83 - the low of Sep 16, 2022.
142.00 - the psychological number.
141.24 - the 23.6% fib level support.
US durable goods order news
The U.S. Census Bureau is scheduled to release numbers for the US Durable Goods Orders tomorrow (Sep 27, 2022). According to economists, the US Durable Good Order news registered a reading of -1.1% in August, as compared to the reading of -0.1% in the month before.
The Durable Goods Orders news tracks the value of orders placed with manufacturers for long-lasting products like cars and refrigerators. These durable items are susceptible to the U.S. economy because they necessitate substantial investments.
Generally speaking, a high reading strengthens the U.S. Dollar and suggests a bullish trend for the USD/JPY and vice versa.
Conclusion
Considering the price movement of the USDJPY pair over the past few days, it may be a better option in the short term if the pair was bought at around 142.83. Due to the volatile nature of the market, however, prices may change and lead to different outcomes.
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