USD/JPY up to fresh highs after US data

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The USD/JPY rose to fresh daily highs after data showed US consumer confidence surged to its highest in more than 4 years while new home sales rose more than expected.



US consumer confidence was up 3 points to 85.2 in June, well above expectations of 83.5. Meanwhile, May housing starts grew 18.6% to 504K, above 440K forecast. On the other hand, the Richmond Fed manufacturing index dropped to 3 versus 6 expected in June, but did little to temper the USD. The USD/JPY jumped to a daily high of 102.13 from below 102.00 before the data.



At time of writing, the USD/JPY is trading at 102.05, recording a 0.15% gain on the day, having recovered from a low of 101.80 scored during the Asian session.



USD/JPY technical levels



In terms of technical levels, the pair could find immediate resistances at 102.20 (100-day SMA), 102.32 (Jun 18 high) and 102.56 (Jun 10 high). On the other hand, supports are seen at 101.73 (Jun 19 low), 101.60 (200-day SMA) and 101.42 (May 29 low).



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