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USD/JPY trades at nearly 2-week highs after jobless claims

FXStreet (San Francisco) - The USD/JPY is extending gains after the jobless claims report as the pair is now trading at highs since October 10 at 107.80.

US jobless claims bounces to 283K in Oct 17 week; little below 282K expected. Previous week was revised up to 266K from 264K. 4 week average down to 281k vs 283.5k. Revised to 284k.

Currently, USD/JPY is trading at 107.73, up 0.56% on the day, having posted a daily high at 107.80 and low at 107.10. USD/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

USD/JPY sentiment

"You just can’t find bad news in this weekly report," comments Ryan Littlestone from Forexlive. "USD/JPY is taking off again to resistance at 107.70/75 and we’ve got a very positive dollar environment with decent stock earnings being reflected in bond yields rising and stock futures pointing to a good cash opening."

With a sustainable movement above 1.0775, the USD/JPY will face next resistances at 108.00 and 108.20. To the downside, supports are at 107.10, 107.00 and 106.80.

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