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USD/JPY inches higher after US data

FXStreet (Córdoba) - USD/JPY extended gains and stretched to fresh daily highs following the release of the latest string of US data.

On the data front, US jobless claims dropped to 260K versus 270K expected, while Durable goods orders rose 3.0% in October, surpassing by far the 1.5% increase expected. Meanwhile, personal income and personal spending rose 0.4% and 0.1% respectively, while inflation gauged by the PCE rose 0.1% whilst the core PCE index that excludes food and energy was flat.

USD/JPY climbed further, adding to dollar’s early gains, and peaked at 122.81. At time of writing, the pair is trading at 122.75, recording a 0.19% increase on the day.

USD/JPY levels to watch

In terms of technical levels, next resistances are seen at 122.95 (Nov 24 high), 123.25 (Nov 23 high) and 123.74 (Nov 18 high) ahead of 124.15 (Aug 20 high). On the flip side, supports could be faced at 122.20 (Nov 16 low), 121.75 (100-day SMA) and 121.40 (200-day SMA).

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