USD/JPY attempts to recover, but lacks strength

By FXstreet.com | August 07, 2014 AAA

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.



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