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7 Aug 2014
USD/JPY attempts to recover, but lacks strength
FXStreet (Córdoba) - The USD/JPY attempted to move higher following better-than-expected US jobless claims data, but lacked strength to stage a decent recovery and remained capped by the 102.40 zone.
The USD/JPY rose a few pips after data showed US jobless claims dropped to 289K last week, versus 305K expected, but the move lacked follow-through. At time of writing, the USD/JPY is trading at 102.40, having recovered half way after slumping to a 1-week low of 101.78 the previous day..
USD/JPY technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that short-term indicators support a recovery, which could gather pace on the break of the 102.50 resistance area.
Bednarik locates immediate resistances at 102.50, 102.80 and 103.10, while she places supports at 102.25, 101.95 and 101.60.
The USD/JPY rose a few pips after data showed US jobless claims dropped to 289K last week, versus 305K expected, but the move lacked follow-through. At time of writing, the USD/JPY is trading at 102.40, having recovered half way after slumping to a 1-week low of 101.78 the previous day..
USD/JPY technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that short-term indicators support a recovery, which could gather pace on the break of the 102.50 resistance area.
Bednarik locates immediate resistances at 102.50, 102.80 and 103.10, while she places supports at 102.25, 101.95 and 101.60.