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4 Feb 2015
USD/JPY back to square one
FXStreet (Córdoba) - USD/JPY inched higher and erased intraday losses during the American session, as the greenback gained some traction.
Following a strong slump during the European trade, USD/JPY found support at a low of 117.23 and bounced. The pair managed to climb back to the 117.65 zone, taking back losses to trade virtually unchanged on the day.
The latest string of US data failed to trigger a lasting dollar move, as investors' focus remains on Friday's nonfarm payrolls.
USD/JPY technical outlook
“In the 4 hours chart technical readings remain in neutral territory, giving no clues on what's next for price”, said Valeria Bednarik, chief analyst at FXStreet. “Lower lows daily basis earlier this week supports a bearish continuation, yet some follow through below 116.90 is now required to confirm such move”.
Following a strong slump during the European trade, USD/JPY found support at a low of 117.23 and bounced. The pair managed to climb back to the 117.65 zone, taking back losses to trade virtually unchanged on the day.
The latest string of US data failed to trigger a lasting dollar move, as investors' focus remains on Friday's nonfarm payrolls.
USD/JPY technical outlook
“In the 4 hours chart technical readings remain in neutral territory, giving no clues on what's next for price”, said Valeria Bednarik, chief analyst at FXStreet. “Lower lows daily basis earlier this week supports a bearish continuation, yet some follow through below 116.90 is now required to confirm such move”.