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Forex: USD/JPY wavers after US data

USD/JPY wavered smoothly, rising to 93.20 and then pulling back to the 93.10 area, as investors continue to assess the latest string of US data, which showed jobless claims rose more than expected last week, while consumer prices were flat overall in January.

USD/JPY is currently trading around 93.10, still down 0.5% on the day, having bounced from a low of 92.78 during the European session.

As for technical levels, on the upside immediate resistances are seen at 93.52 (100-hour SMA), followed by 93.85 (intraday high). On the other hand, supports could be found at 92.78 (intraday low) and 92.65 (21-day SMA).

Forex Flash: Ben Bernanke still maintains control – Westpac

The Federal Reserve chairman’s semi-annual testimony is always a notable event for markets and Tuesday’s appearance by Mr. Bernanke has taken on increased importance in the wake of the minutes from the FOMC’s 29-30 Jan meeting. Once again we enter the world of semantics as we are forced to compare the views of “several” participants suggesting varying the pace of asset purchases (QE) versus “a number” of others advocating tapering or stopping QE even before the job market had improved substantially.
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