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USD/JPY holds at 101.40/42 after US durable goods

FXstreet.com (Barcelona) - The USD/JPY has been spared another heavy plunge Friday, however the pair still finds itself entrenched in negative territory during US trading.

At the time of writing, the pair is operating at 101.40/42 on the heels of the recent release of economic data in the US. The USD/JPY has incurred a loss of -0.58% off its opening, which once again brings into question whether the JPY is priced in comfortably.

In the United States, Durable Goods Orders (April) grew +3.3%, against projections of just +1.5%, and compared with -6.9% previously. In addition, Durable Goods Orders ex Transportation (April) were reported at +1.3%, against expectations of +0.5%.

According to the Research Analyst Gareth Berry at UBS, “Yesterday's USD/JPY setback found support at the 100.38 level. Despite this plunge, the next support is at 99.58. As long as this holds, the potential is for extension of the broader bull trend to test the major resistance at 105.60.”

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