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22 May 2014
USD/JPY steady after US data
FXStreet (Córdoba) - The USD/JPY remained little changed near this week’s highs after the latest string of US data came in weaker-than-expected.
While US jobless claims rose to 326K last week, 310K expected, the National activity index released by the Chicago Fed declined to -0.32 in April from +0.34 in March, indicating the US economy is expanding below its average historic trend.
The USD/JPY however, barely reacted to data and continued to trade at the 101.60 area, where it records a 0.24% gain, having hit a high of 101.75 earlier in the day.
USD/JPY technical perspective
As for levels, immediate resistances are seen at 101.75 (May 22 high), 102.10 (May 15 high) and 102.53 (100-day SMA). On the other hand, supports could be found at 101.35 (May 22 low) and 101.20 (200-day SMA) ahead of 100.75 (May 21 low).
Jamie Coleman, analyst at FXBeat noted: “USD/JPY looks to have put in a thunderous bottom on the daily charts after testing key support in the 100.75 area only to bounce nearly a yen to 101.75”.
While US jobless claims rose to 326K last week, 310K expected, the National activity index released by the Chicago Fed declined to -0.32 in April from +0.34 in March, indicating the US economy is expanding below its average historic trend.
The USD/JPY however, barely reacted to data and continued to trade at the 101.60 area, where it records a 0.24% gain, having hit a high of 101.75 earlier in the day.
USD/JPY technical perspective
As for levels, immediate resistances are seen at 101.75 (May 22 high), 102.10 (May 15 high) and 102.53 (100-day SMA). On the other hand, supports could be found at 101.35 (May 22 low) and 101.20 (200-day SMA) ahead of 100.75 (May 21 low).
Jamie Coleman, analyst at FXBeat noted: “USD/JPY looks to have put in a thunderous bottom on the daily charts after testing key support in the 100.75 area only to bounce nearly a yen to 101.75”.