US dollar loses ground against Yen after ADP report

By FXStreet FXStreet (Mumbai) – The USD/JPY pair added 10-pips to 119.46 levels after the release of a better than expected US ADP report, before falling back again to near daily low level of 119.13 levels.

Jobs growth slowed

The ADP report showed the job additions in the private sector slowed down to 205K in January from the upwardly revised December’s reading of 267K. However, the drop was slightly less than the expected fall to 195K.

The dollar witnessed a very minor up move, which quickly ran out of steam as the Yen demand remained intact amid risk-off in the markets. The focus now is on the US ISM non-manufacturing number.

USD/JPY Technical Levels

The immediate support is seen at 119.00 levels, under which the spot could target 118.30 (23.6% of 125.856-115.97). On the other hand, a break above 119.75 (38.2% of 125.856-115.97) could open doors for a rise to 50-DMA at 120.25.
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Source:: FX Street