FXStreet (Edinburgh) – The greenback is pushing higher vs. the Japanese currency today, with USD/JPY meandering around the 118.90 area.

USD/JPY still capped by 119.00

Spot slips a few pips after US Durable Goods Orders have missed expectations during December, contracting at a monthly pace of 5.1%; Orders excluding the Transportation sector have also dropped below estimates 1.2%. On the bright side, US Initial Claims fell to 278K during the week ended on January 22 from 294K previous.

The pair will remain under scrutiny ahead of tomorrow’s BoJ interest rate decision and inflation figures. Consensus expects the central bank to refrain from easing this time, although the door remains open for further stimulus later in the year in light of stagnant consumer prices.

USD/JPY levels to watch

The pair is up 0.23% at 118.90 and a surpass of 119.82 (50% Fibo of 123.67-115.96) would target 120.63 (55-day sma) en route to 121.47 (200-day sma). On the other hand, the immediate support is located at 117.78 (23.6% Fibo of 123.67-115.96) ahead of 115.96 (low Jan.19) and finally 115.82 (low Jan.15 2015)

The greenback is pushing higher vs. the Japanese currency today, with USD/JPY meandering around the 118.90 area…

(Market News Provided by FXstreet)

By FXOpen