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Forex technical analysis: USDJPY moves off lows but not by much after ADP

Discussion in 'Technical Analysis' started by ForexLive, Jul 7, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Lower on the day with traders taking the price higher and lower. The USDJPY moved from about 100.93 to 101.09 on the better that expected ADP. Of course the market is a bit skeptical - and perhaps justifiably so. Last month the number came in at a revised 168K vs 38K for the NFP release. Of course the NFP can potentially be revised higher tomorrow, but the gap is likely to remain wide between the two. It is all about trusting the number and the NFP report still carries the most weight. The initial claims also came in better than expected suggesting a rebound in the NFP tomorrow.

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