FxWirePro: USD/JPY consolidates previous session's spike, upbeat US ADP jobs data and hawkish Fed comments support

USD/JPY chart - Trading View 

US Dollar strengthens across the board after upbeat US ADP jobs data and hawkish Fed comments.

USD/JPY was trading largely muted on the day at 111.10 at around 04:45 GMT, after closing 0.56% higher in the previous session.

U.S. private payrolls increased more than expected in June, the ADP National Employment Report showed on Wednesday. 

Private payrolls increased by 692,000 jobs in June. Data for May was revised lower to show 886,000 jobs added instead of the initially reported 978,000. 

Data beat forecasts for an increase by 600,000 jobs, showed hiring in the leisure and hospitality sector accounting for nearly half of the increase.

Federal Reserve's Kaplan said on Wednesday he would prefer the central bank to start reducing its support for the economy before the end of the year to avoid abrupt policy tightening. Hawkish comments further boosted the US dollar.

Price action has shown a decisive break above major trendline resistance. Technical bias is bullish. Scope for test of 76.4% Fib at 111.39.