Global macro overview for 25/03/2016:
The US Durable Goods orders data was released yesterday. Market participants were surprised as the indicator dropped in February for the third time in four months. The market expectations were at the level of -3.0% m/m, but the number released was at the level of -2.8% m/m. The Commerce Department reported that bookings for goods, meant to last at least three years, plunged 2.8%, following a 4.2% gain. In conclusion, the sector continued to struggle with the lingering effects of a strong US Dollar and lower oil prices.
Let's now take a look at the USD/JPY technical picture at the daily time frame. The pair is still trading above the important daily technical support at the level of 110.06. Moreover, the short-term dynamic resistance provided by the golden trend line hasn't been violated yet, so it means that the bears are still in control over this market.
