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Jobless Claims Data Pushes USDJPY Higher

Department of Labor today reported the Unemployment Claims data which showed that the number of individuals who filed for unemployment insurance for the first time decreased by 26000 to a seasonally adjusted 323000 in the week ending March 1. Analysts were expecting the number to decrease to 335000. The four week average which is considered as the better gauge of the trend in claims or the labor market declined 2000 to 336500. USD strengthened against JPY after the upbeat data. 

On the daily chart, the pair broke out from the resistance trend line of the descending triangle reversing the downtrend.The nearest resistance the pair will find is at 103.38. However USD weakened against EUR as ECB president Draghi comments weighed. European Central Bank refrained from tightening monetary policy and slightly upgraded its forecast for growth this year. USDCHF acts exactly opposite to EURUSD so it went down in reaction to Draghi's comments.