USD/JPY clings to 117.50 after US data

FXStreet (Córdoba) - USD/JPY was little moved by the latest string of US data, which showed US jobless claims increased less than expected last week.

US initial jobless claims rose by 11,000 to 278,000 in the week ended Jan 31, below the 290,000 forecasted by analysts. Continuing claims increased by 6,000 to a seasonally adjusted 2.4 million in the week ended Jan 24. Separated data showed US labor productivity fell 1.8% in Q4, while labor costs increased at a 2.7% annual rate.

However, data barely affected the dollar as investors’ focus remain on tomorrow’s nonfarm payrolls report. As for USD/JPY, the pair continues to trade within its weekly range, unable to set a short-term direction, clinging to the 117.50 zone after data.

USD/JPY levels to watch

In terms of technical levels, immediate resistances are seen at 117.70 (20-day SMA) and 117.99/118.00 (Feb 4 high/psychological level). On the flip side, supports are seen at 116.86 (Feb 3 low) and 116.13 (Jan 15 low).