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USD/JPY erases gains after US durable goods

FXStreet (Córdoba) - USD/JPY came under pressure and completely erased intraday gains after data showed US durable goods orders unexpectedly dropped in September.

The US dollar weakened across the board following data release. US durable goods orders fell 1.3% in September, marking the second straight decline after a 18.3% drop the previous month and versus a 0.5% rise expected. Excluding transportation, orders declined by a smaller 0.2% against a 0.5% increase forecasted.

USD/JPY gave up gains and slipped back below 108.00 to hit a fresh daily low of 107.70 in recent dealings. At time of writing, the pair is trading at 107.75, virtually unchanged on the day, having been as high as 108.16 minutes before.

USD/JPY levels to watch

In terms of technical levels, USD/JPY could find immediate resistances at 108.16 (Oct 28 high), 108.33 (Oct 27 high) and 108.73 (Oct 8 high). On the flip side, supports are seen at 107.59 (Oct 27 low), 107.38 (Oct 20 high) and 107.14 (10-day SMA).

United States Durable Goods Orders came in at -1.3% below forecasts (0.5%) in September

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United States Durable Goods Orders ex Transportation below expectations (0.5%) in September: Actual (-0.2%)

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