USD/JPY falls to 7-week lows despite claims drop

By FXstreet.com | July 10, 2014 AAA

FXStreet (Córdoba) - The USD/JPY extended losses and hit a fresh 7-week low at the beginning of the American session despite better-than-expected US jobless claims data.



US initial jobless claims declined by 11K to a seasonally adjusted 304K last week, the lowest in 7 weeks. However data did little to help the greenback against a strong yen that remains among the top performers as risk aversion grows. At time of writing, the USD/JPY is trading at 101.10, recording a 0.51% loss, having hit a 7-week trough of 101.05 in recent dealings.

USD/JPY technical levels



As for technical levels, if the USD/JPY breaks below 101.00 (psychological level), next supports are seen at 100.81 (May 21 low) and 100.76 (2014 low Feb 4). On the flip side, resistances could be found at 101.65 (Jul 10 high), 101.85/89 (Jul 9 & 8 highs) and 102.00 (psychological level).



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