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USD/JPY backs away from 120 and surrenders gains

FXStreet (Córdoba) - USD/JPY failed to sustain gains and pulled back from above 120.00 toward fresh daily lows at the beginning of the American session.

USD/JPY peaked at 120.26 during the Asian session but came under pressure and surrendered daily gains, sliding to a fresh low of 119.60 in recent dealings. At time of writing, the pair is trading at 119.66, 0.18% below its opening price. However, overall USD/JPY continues to trade within a narrow range, unable to set a longer-term direction.

US initial jobless claims rose to 277K in the latest week, above the 270K expected. However, data had virtually no impact on the dollar as investors attention turn to nonfarm payrolls tomorrow. Later on the session. the ISM manufacturing survey will be released with expectations at 50.6 versus 51.1 the previous month.

USD/JPY levels to watch

As for technical levels, next supports are seen at 119.60 (Oct 1 low) and 119.21 (Sep 24 low). On the flip side, short-term resistances could be found at 120.34 (Sep 30 high), 120.58 (Sep 28 high) and 120.87 (200-day SMA).

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