FxWirePro: USD/JPY runs out of steam but maintains bullish outlook
The USD/JPY pair slipped towards 103.32 levels during early US session as demand for safe haven assets increased after weak Chinese trade numbers. However, the pair halted its decline after the release of jobless claims …
The USD/JPY pair slipped towards 103.32 levels during early US session as demand for safe haven assets increased after weak Chinese trade numbers. However, the pair halted its decline after the release of jobless claims data from US market.
Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 246,000 for the week ended Oct. 8, the lowest reading since November 1973.
Currently, the pair is trading around 103.59 levels, a short dip towards 102.80 levels should be viewed as buying opportunities as the support level at 102.72 is set to hold the bears from falling further below and push the pair towards higher levels in the short term.
Immediate support can be seen at 103.27, a break below this level will expose the pair towards next support level located at 102.72 levels.
Major resistance can be seen at 104.54, a break above this level will open the gates towards 105.00 levels.
