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USD/JPY recovers 101.65/66 after jobless data in US

FXstreet.com (Barcelona) - The USD/JPY has been under heavy selling pressure Thursday, which started yesterday – with the JPY in fierce pullback against the USD, the pair has been highly behaving in a fairly consistent negative manner.

At the onset of US trading, the pair is trading in the depths of 101.65/66 following the release of economic data in the US. At this juncture, the USD/JPY has incurred a sizable loss of -1.42% off its opening, allaying any bullish movements in the immediate term.

In the United States, Initial Jobless Claims (May 17) came in at 340K, against expectations of 345K, and compared with 360K. In addition, Continuing Jobless Claims (May 11) were reported at 2.912M, beating a projection of 3.000M.

According to the ICN.com Technical Analyst Team, “The USD/JPY dropped sharply in line with the negative expectations and broke 101.80 levels, stability below that level will lead to further bearishness in the upcoming period. Trading below 102.50 levels keeps this negative outlook.”

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