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USD/JPY rebounds towards the European opening

Yesterday the gains in the USD/JPY saw the dollar stall just short of the noted technical level at 156.01. It was already off the high at 155.95, when the latest US weekly jobless claims surprised the markets and pushed the dollar back underneath 155.50. That move allowed both the GBP/USD and the EUR/USD to rebound. That claims data was not what the markets had expected, with a rise to 231k, where around 215k had been forecast. Look, this was not a massive gain, but it was the biggest gain in almost a year and as such provided the prefect excuse to push the dollar lower. The USD/JPY closed in the US last night at 155.48. Earlier today it fell back to a session low at 155.27, but it is on the rebound again into the European opening this morning. The immediate lines of demarcation would now seem to reside at 155 and 156. The USD/JPY is currently trading at 155.71

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