USD/JPY drops further under 110.00, toward daily lows

Matías Salord FXStreet

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.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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