USDJPY dips a bit on the durable goods (and Bullard too)

The headline durable goods missed as the ex-air but the Cap good orders and shipments beat.  So the fall in the US dollar is minimal.  

Fed's Mester is currently speaking on CNBC and says gradual path seems appropriate. She was more upbeat about policy vs Bullard - who is a dove. 

Technically, the USDJPY moved above the 200 bar MA on the 4-hour chart today at 111.345. The price break led to a move up to the 50% retracement at 111.473. The high went to 111.482 before backing off.  That was a nice level to stall the rise.

The current price is back below the 200 bar MA on 4-hour chart again and trades down to 111.25 off the numbers (and Bullard comments).  

Going forward, the 200 bar MA will be a barometer for bulls and bears with the 50% another level for dollar bulls to get to and through if the pair is going higher.  

ON the downside, the broken 38.2% at 111.073 will be eyed.  Below that the 100 bar MA on the 4-hour comes in at 110.924.

Fed's Powell comments will likely be needed to get the market going again.   Remember it is Friday. We are still in the summer.  So watch the technical levels but understand that price action can be choppy too.  

ForexLive




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