The US Dollar surged slightly higher after US factory growth beat market expectations despite labor supply constraints and higher prices. Moreover, the Philadelphia Fed (https://www.fxstreet.com/macroeconomics/central-banks/fed) Bank President Patrick Harker said that if the US economy continues to recover from the Covid-19 pandemic, it may be time for tapering, however the sensitive subject didn’t boost USDJPY as much as we expected, as traders are likely waiting for US jobless claims to gauge market sentiment. From a technical perspective, the USDJPY remains bullish above both the 4h 50-MA and 4H 200-MA with 110.20 as next upside target.
Support: 109.70 / 109.35
Resistance: 110.20 / 110.90
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