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USD/JPY Catches a Bid Ahead of Key Durable Goods Orders
The US Durable Goods Orders is the main data release of the day, scheduled to be released during the New York session. Traders will shift their focus to durable goods as well as the testimony from Fed Chair Jerome Powell at Jackson Hole as the main sources of potential volatility ahead of the weekend.

Economists expect orders for durable goods to have decreased by -0.5% versus 0.8% in the previous reading. According to the same Reuters survey of economists, Core Durable Goods will inch higher to 0.5% following the 0.2% drop in core durable goods in June.

New orders excluding transportation are also expected to surge by 0.5% versus 0.2% previous reading. June’s strong durable goods order readings were also revised downward from 1.0% to 0.8%.

Source: LCG MT4, 24/8/2018

The greenback has been under pressure against its major counterparts for the most part of the week. The only exception was the USD/JPY, which may continue to strengthen towards the resistance level 111.50 ahead of the news announcement. The USD/JPY has reached a two-week high after it touched 111.48 during the Asia trading hours.

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