USD/JPY bounces to 118.60 on ADP

By FXStreet FXStreet (Edinburgh) – The greenback keeps its negative performance vs. the Japanese currency today, with USD/JPY now testing the 118.65/60 band.

USD/JPY regains some ground post-ADP

The pair has left the area of session lows after the US ADP report showed the private sector has created 257K jobs during December, bettering forecasts for a 192K gain and up from November’s 211K (revised from 217K). The safe have JPY remains firm despite the result, favoured by the prevailing risk-off trade.

Next on tap will be US Trade Balance figures, seconded by ISM Non-manufacturing, Factory Orders and the key FOMC minutes.

USD/JPY levels to consider

As of writing the pair is retreating 0.48% at 118.44 facing the next support at 118.06 (low Oct.15) followed by 116.46 (low Aug.24) and then 115.82 (low Jan.16 2015). On the flip side, a breakout of 120.77 (high Dec.30) would open the door to 121.04 (100-day sma) and finally 121.61 (200-day sma).
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Source:: FX Street