USD/JPY drops further under 110.00, toward daily lows
|The Japanese yen strengthened across the board during the last hours and pushed USD/JPY further to the downside. The pair moved off daily highs and fell toward the lows despite better-than-expected US economic data.
US down, data up
Earlier, jobless claims and durables goods order showed stronger-than-expected numbers, although some details in core order were negative. Recently the pending home sales numbers showed a rise of 5.1% in April, sharply above the 0.6% expected gain. The housing data failed to boost the US dollar that retreated further against the yen.
USD/JPY accelerated to the downside below 109.90, where the 20-hour moving average stands and recently fell to 109.50. It was trading near American session lows, moving with a bearish intraday bias, but still on top of daily lows that reached at 109.39, on Asian hours.
Sideways but still a bullish bias
The pair continue s to move sideways around 109.90, as it has been the case since last Friday, but the bias points to the upside in the short-term. Price is holding above an uptrend line (with origin at May 12 lows) that currently stands at 109.25/30; a consolidation below would expose 109.00 and then 108.70.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.