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USD/JPY uninspired by US data

FXStreet (Córdoba) - USD/JPY moved a few pips higher following the latest series of US data, which came in mainly in line with expectations and had little impact on the dollar.

US consumer prices were flat in October (vs -0.1% expected), while year-over-year CPI rose 1.7% (vs 1.6% expected). The core index, that excludes food and energy, rose 0.2% MoM and 1.8% YoY against 0.1% and 1.7% forecasted. Separated data showed US weekly jobless claims fell 2,000 to 291,000, hovering below 300,000 for tenth week in a row, but slightly above the 285,000 expected.

USD/JPY advanced to the 118.40 area but stalled at the 10-hour SMA. At time of writing, the pair is trading at 118.30, 0.30% above its opening price, having backed away from a 7-year high of 118.97 scored earlier on the day.

USD/JPY levels to watch

As for technical levels, USD/JPY could find resistances at 118.97 (2014 high Nov 20), 119.00 (psychological level) and 119.75 (Aug 9 2007 high). On the flip side, supports are seen at 117.95 (intraday level), 117.04/00 (Nov 17 & 18 highs/psychological level) and 116.80 (Nov 19 low).

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