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USD/JPY attempting break above hourly 200-MA after US ADP report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/JPY is attempting a break above hourly 200-MA of 112.57 after the data in the US shows private sector in the US added more jobs than expected in March.

    Next on tap is Fed speak

    US ADP print for March came in at 200K, beating the estimated figure of 194K. Consequently, the bid tone around USD improved, but still the pair is struggling to move over and above hourly 200-MA as the previous month’s figure was revised lower to 204K from 214K.

    Next on tap is Federal Reserve Evans speech. Markets would be interested to see if the policymakers talks up rate hike bets or adopts a cautious stance.

    USD/JPY Technical Levels

    Acceptance above 112.56 (hourly 200-MA) would open doors for 113.09 (confluence of hourly 50-MA and hourly 100-MA). A violation there could trigger unwinding of shorts and result in a re-test of 113.80 (previous day’s high). Conversely, a break below daily low of 112.02 would expose 111.77 (Feb 23 low), under which the spot could drift lower to 110.67 (Mar 17 low).
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