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Forex: USD/JPY remains "green" after testing opening price

The US data load released at 12:30 GMT provoked a spike to 96.59 high, but the USD/JPY soon retraced its gains for a retest of the opening price of 96.12, which held the pair and is allowing the daily candlestick to remain "green".

The US current account deficit narrowed from $-112.4B to $-110.4B in Q4, beating the $-112.80B consensus. However, Q3 data was revised much higher from $107.51.

In the week ending at March 10 week, initial jobless claims dropped from 342K (revised from 340K) to 332K, against a market consensus pointing to 350K. Continuing claims rose from 3.113M to 3.024M, better than the expected 3.100M.

"I think today the price may form an ascending correction towards the level of 96.45", wrote Roboforex.com analyst Igor Sayadov. "Later, in my opinion, the pair may continue falling down towards the level of 95 and then start a new ascending movement to reach the targets at 97 and 98", he concluded.

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