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USD/JPY backs off from above 144.25 ahead of US data releases
Earlier this morning the move higher in the USD/JPY extended further and that saw the dollar rise above 144, reaching a high so far of 144.30. That further rebound high has not yet met the noted, next potential level of resistance, at 144.70. Besides it has backed off a bit now anyway ahead of the series of US data releases. That starts with the December Challenger jobs lay off data at 12.30pm GMT followed by the December ADP private payroll report at 1.15pm GMT. The markets expect this to come in with a gain of around 115-125k, compared to a November gain of just 103k. Then at 1.30pm GMT we get the latest weekly claims data, which is expected to show 216k new claims. All of this comes ahead of the monthly jobs report tomorrow. I will be looking at that in more detail later this afternoon. Meantime, the USD/JPY did back off, close to 144 a short while ago. It is currently trading at 144.17 just ahead of the Challenger jobs report
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