USD/JPY: stalling on slightly dubious minutes in respect of a Fed Dec hike

Currently, USD/JPY is trading at 112.59, up 1.38% on the day, having posted a daily high at 112.99 and low at 110.83.

USD/JPY was muted on balanced minutes that held no surprises, but critically leaves a little air of doubt over the December meeting on vague language within the minutes. 

Don't believe the hype, and get real: the Fed will not hike in December and here is why ...

US Durable Goods Orders surprised to the upside

US durable goods 

According to the official release, orders rose by 4.8%, well above market's expectations of a 1.5%, while orders, ex transportation came in at 1.0% from previous 0.2%. 

The dollar got a boost on US data previously and the Yen was forced to fresh lows with Valeria Bednarik, chief analyst at FXStreet now targetting 114.00. "The pair has room now to continue advancing towards the 114.00 region, a long-term Fibonacci resistance," she explained before the release of the FOMC minutes. FOMC minutes: It could become appropriate to raise rates relatively soon

USD/JPY levels

With spot trading at 112.60, we can see next resistance ahead at 112.66 (Daily Classic R3), 112.99 (Daily High), 113.72 (Weekly Classic R2), 116.50 (Weekly Classic R3) and 121.08 (YTD High).Support below can be found at 112.27 (Weekly Classic R1), 112.01 (Daily Classic R2), 111.72 (Hourly 20 EMA), 111.54 (Daily Classic R1) and 111.37 (Yesterday's High).