USD/JPY Recovers to 111.00 Mark, US Durable Goods Orders Data Eyed
pair profit-taking move after last week's sharp up-move seems to have
found bids near 110.65-70 area, lifting the pair close to 111.00 mark
Traders now await for fresh trading cues from the release of US durable goods orders data, scheduled for release in a short while from now.
Technical levels to watch
On a sustained strength back above 111.00 round figure mark, the pair seems to immediately aim towards 111.30 resistance area, which if cleared should assist the pair towards its next major resistance near 111.90-112.00 region.
Alternatively, rejection at 111.00 mark and a subsequent drop below day's through should immediately expose 110.30 support marking 38.2% Fibonacci retracement level of 107.84-111.86 upsurge. A further selling pressure below 110.30 support now seems to accelerate the fall towards 50% Fibonacci retracement level support near 109.85-80 area.