Technicals

Add as a preferred source on Google

FxWirePro: USD/JPY comatose above 21-EMA support, US non-farm payrolls eyed after ADP big miss

USD/JPY chart - Trading View USD/JPY was trading largely unchanged on the day at 110.02 at around 0450 GMT, extends sideways grind above 21-EMA support. The greenback came under strong selling pressure on Wednesday on th…

1 min read
FxWirePro: USD/JPY comatose above 21-EMA support, US non-farm payrolls eyed after ADP big miss
Image from the original EconoTimes article

Read the original article

USD/JPY chart - Trading View 

USD/JPY was trading largely unchanged on the day at 110.02 at around 0450 GMT, extends sideways grind above 21-EMA support. 

The greenback came under strong selling pressure on Wednesday on the back of poor US employment-related data. 

USD/JPY erased gains, slipped lower from session highs at 110.41 to close largely unchanged at 109.98.

ADP survey published on Wednesday showed US private sector added just 374K new jobs in August, much worse than the 613K expected, from a downwardly revised 326K in July. 

On the other side, U.S. manufacturing activity picks up unexpectedly in August, amid strong order growth.

US ISM manufacturing index of national factory activity inched up to 59.9 in August month from a reading of 59.5 in July, beating forecasts for a fall to 58.6.

Investors now await U.S. August non-farm payrolls data due tomorrow which could give more clarity on the U.S. Federal Reserve's timeline on tapering of asset purchases.

Weaker jobs number will likely add further pressure on the U.S. dollar. Strong support is seen at 109.85, break below will drag the pair lower.

On the flip side, cloud is immediate resistance ahead of trendline at 110.30. Break above required for any upside.
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560