USD/JPY fails to benefit from US data

USD/JPY pulled back from session highs as the dollar failed to benefit from US durable goods orders and jobless claims data.

USD/JPY stretched to a session high of 110.19 before sliding back below the 110.00 level in the minutes that followed the releases. At time of writing, the pair is trading at 109.98, still 0.15% below its opening price.

On the data front, durable goods orders increased a seasonally adjusted 3.4% in April above the 0.4% rise expected. Meanwhile, initial jobless claims dropped to 268K in the week ended May 20, below the 275K of consensus.

USD/JPY levels to watch

As for technical levels, next resistances could be faced at 110.57 (May 20 high), 111.03 (Feb 24 low) and 111.87 (Apr 28 high). On the other hand, supports are seen at 109.40 (May 26 low), 109.10 (May 23 low), 108.57 (21-day SMA) and 108.45 (May 16 low).