USD/JPY (current price: 101.35)
Durable Orders came in unchanged for the last month, compared to the consensus estimate of -1.0% although the previous readings were revised lower. The Japanese Yen traded in a narrow range compared to its peers, before today’s important releases, as the currency remains the strongest among the G10s. The decision by the OPEC lifted risk assets in late trading, but the Yen remained strong and it is still trading close to its multi-year highs compared to the Dollar as well, despite this morning’s bounce.
Our assessment: USD/JPY is trading in a bearish short-term consolidation pattern, just above the 100 level and the Brexit lows slightly lower, near 98.50.
