US initial jobless claims fell to 215K, undershooting forecasts, but the dollar failed to gain traction against the yen.
USD/JPY slipped to near 162.30 on Thursday as the Japanese yen recovered ground despite stronger-than-expected US labor data. Initial jobless claims dropped to 215K, below the 218K forecast and the prior 217K, while the four-week average eased to 218.75K from 222.5K. Continuing claims rose to 1.814 million from 1.806 million, signaling prolonged job searches.
The data suggested limited layoffs but did little to bolster the dollar, which remained under pressure. Attention now shifts to Japan’s June Producer Price Index, with expectations of a 0.3% monthly rise and a 6.8% annual increase, up from 6.3%.
Technical analysis shows USD/JPY holding above key moving averages, with the RSI at 54.50 indicating moderate bullish momentum without overbought conditions.