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FxWirePro: USD/JPY chart very bullish, looks on course for 157

• USD/JPY rose above 156.00 level  on Thursday as dollar climbed after upbeat US economic data.

• A stronger job market than anticipated was demonstrated by the US weekly initial unemployment claims, which dropped -4,000 to a 5-1/2 month low of 217,000.

•US October PPI final demand increased by +2.4% year over year, above forecasts of +2.3% year over year. The October PPI ex-food and energy increased by +3.1% year over year, which was more than the +3.0% predicted.

•The greenback climbed above 156 yen   for the first time since July, it last was last trading at 1.55.96 at (16:02 GMT).

• Immediate resistance is located at 156.16 (23.6%fib), any close above will push the pair towards 156.64(Higher BB).

•  Support is seen at 155.33(Daily low) and break below could take the pair towards 154.51(38.2%fib)

Recommendation: Good to buy around 156.80  with stop loss of 156.00  and target price of 157.00

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