ForexSpace.com (LONDON) – Dollar/yen has undergone a swift rebound this afternoon during European trading on the coattails of a decent below the key 78.00 level. On the heels of an otherwise solid economic data release in the United States, the pair is now approaching the crossover into positive territory.

The keenly anticipated U.S. Durable Goods Orders rose +1.6 percent in June versus a consensus estimate of just +0.4 percent. Employment figures also suggest the Initial Jobless Claims stood at 353K (against estimates of 380K) and the Continuing Jobless Claims came in at 3.287M (against. a consensus of 3.310M).

All-in-all, USD/JPY – which has seen a modest decline of -0.04 percent today, currently trading in the78.13 zone – on the upside, the measures of resistance have been identified at 78.22, 78.36, and finally 78.45.

Drew Hillier. Editor, ForexSpace.com