JPY remains strong despite Jobless rate

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This morning, government data showed that Japan's jobless rate rose to 3.1% in October (as expected) from 3.0% in September, while capital spending dropped 10.6% on year in the third quarter (vs -12.1% expected).

From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and by its declining 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 105.65 as the nearest support would be set at November bottom at 103.10 and a second one would be set at horizontal support at 102.45 in extension.

Source: TradingView, GAIN Capital


Related tags: Forex JPY Forex

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