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by ForexNewsNow Team on July 29, 2010

Dollar hits 1-week low against yen as raft of Japan data eyed

fx news forex analysis global forex JPYNEW YORK (Forex News Now) – The dollar sank against the yen on Thursday, hitting a 1-week low, following an upbeat U.S. jobs report and as FX traders awaited a raft of Japanese economic data.

In New York afternoon currency trading, USD/JPY struck 86.56, its lowest since July 22. The currency pair later rose slightly to trade at 86.82, down 0.74 percent on the day.

Later Thursday, reports were set to be released on consumer price inflation, unemployment, industrial production, household spending and the manufacturing sector in Japan.

According to forex analysis, USD/JPY was likely to touch support around the low of July 16, 86.26, and encounter immediate resistance around Wednesday’s high, 88.12.

Earlier in the day, official data showed earlier that initial U.S. claims for unemployment benefits fell last week in line with analysts’ expectations.

Labor Department data showed earlier that Initial claims for state unemployment aid dropped to 457,000 last week, from an upwardly revised 468,000 the previous week.

Elsewhere, the Japanese currency jumped versus sterling: GBP/JPY traded at 135.38, down 0.78 percent.

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