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USD/JPY holds near weekly highs after ADP report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/JPY continues to trade near weekly highs, retaining a bid tone, following the release of the ADP employment report.

    Automatic Data Processing (ADP) reported private sector added 182K new jobs in October, slightly above the 180K expected. September reading was downwardly revised to 190K from 200K previously estimated.

    However, data had little impact on the greenback as investors await remarks from Yellen and several other FOMC members later on the session, and look ahead for the nonfarm payrolls government report due on Friday.

    USD/JPY levels to watch

    In terms of technical levels, USD/JPY could find next resistances at 121.47/50 (Oct 30 & 26 highs), and then 121.77/78 (61.8% Fibo retracement of 125.27-116.16/100-day SMA). On the other hand, supports could be faced at 120.22 (50-day SMA), 120.00 (psychological level/Oct 28 low) ahead of 119.60 (Oct 22 low).
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