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USDJPY : Consolidating With an Upward Bias

(USDJPY : 4 hour chart)

USDJPY seems like consolidating within a symmetrical triangle on the 4 hour chart and may breakout from either of the resistance or support trend line. However the bias is towards the resistance trend line because of the upbeat durable goods orders data. According to the report, U.S. durable goods orders rose more than expected in February, whereas the core durable goods orders came below forecast. Durable goods orders which includes transportation items climbed by a seasonally adjusted 2.2% last month beating the expectation for a 1% increase. Core durable goods orders which excludes transportation items rose by .2% in February missing the expectation for a .3% gain. US dollar strengthened a little bit against EUR and Japanese Yen. More gains are expected from US dollar in further trade.