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USD/JPY remains capped by 109.00 after US data

FXStreet (Córdoba) - Although main attention was on the ECB decision and Draghi, the US released economic data at the beginning of the New York session which offered some volatility to the dollar.

On the one hand, US initial jobless claims fell by 8K to 287K last week versus 297K expected. On the other hand, US factory orders fell 10.1% in August versus a drop of 9.3% of consensus.

As USD/JPY extends its downward correction after hitting 6-year highs above 110.00, the latest bounce attempt from 108.30 was capped by the 108.90 zone, confining the pair to a directionless phase as investors gear up for US nonfarm payrolls tomorrow. At time of writing, USD/JPY is trading at 108.65, 0.20% below its opening price.

USD/JPY technical perspective


“With price below 108.90, risk will remain to the downside, with a break below 108.20 exposing 107.70 price zone”, said Valeria Bednarik, chief analyst at FXStreet.

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