Investing.com - The dollar was little changed against the yen on Wednesday, as the pair remained locked in a tight range after data showed that U.S. orders for long lasting manufactured goods rose more than expected in February.
USD/JPY was last trading at 102.35, 0.10% higher for the day, with the pair trading in a range of 102.25 to 102.47.
The pair was likely to find support at 102.08, Tuesday’s low and resistance at 102.63, Monday’s high.
The Commerce Department reported that durable goods orders rose 2.2% last month, snapping two months of declines and surpassing expectations for a 1% increase.
Core durable goods orders, which exclude transportation items, inched up 0.2%, slightly below forecasts for a 0.3% gain.
The data indicated that economy is gaining momentum in the wake of a weather induced slowdown.
Elsewhere, the dollar was higher against the euro, with EUR/USD down 0.22% to 1.3795, not far from Tuesday’s lows of 1.3748.
The single currency remained under pressure as prospects for further monetary easing by the European Central Bank dampened demand for the single currency.
The single currency fell sharply against the dollar on Tuesday after ECB governing council member Jens Weidmann said a negative deposit rate could be an appropriate way to address the impact of strong gains in the euro. He also said it was not out of the question for the ECB to buy loans or other assets from banks to fight deflation.
The euro later bounced off lows after Weidmann said the current euro exchange rate does not call for policy action.