USD/JPY attempts to recover, but lacks strength

By FXstreet.com | Updated 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.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY: Sell At 119.40 – GrowthAces

  2. Forex News

    USD/JPY bounces off 118.30; back to 119.00

  3. Forex News

    SEB: USD/JPY testing first-hand downside target – eFXnews

  4. Forex News

    JPY and CHF benefit from increasing risk aversion – TradeTheNews

  5. Forex News

    Post-FOMC Levels Holding USD for Now; JPY-crosses Begin Breakdown

Trading Center