FxWirePro: USD/JPY consolidates previous session's whopping gains, focus on NFP data for impetus

USD/JPY chart - Trading View 

USD/JPY was trading largely unchanged at 110.26 at around 05:00 GMT, bias bullish.

U.S. dollar buoyed by upbeat data overnight, USD/JPY closed 0.68% higher at 110.25.

Data released overnight showed U.S. ADP private-sector labor market figures jumped by 978,000 in May, far better than expected and Unemployment Claims tumbled below 400,000. 

Further, ISM Services Purchasing Managers' Index beat estimates with 64 points, confirming strength in nation's largest sector.

U.S. dollar surged in response to upbeat US figures. Technical studies have turned strongly bullish.

Oscillators are biased higher, RSI is well above the 50 mark. MACD and ADX support gains. Volatility is high and rising.

Major Support Levels: 

S1: 109.80 (5-DMA)

S2: 109.38 (21-EMA)

S3: 108.81 (55-EMA)

Major Resistance Levels: 

R1: 110.75 (Trendline)

R2: 110.96 (March 31 high)

R3: 111 (Psychological mark)

Summary: USD/JPY was consolidating previous session's gains. Cautious trade prevails ahead of the critical Non-farm payrolls data. Technical bias is bullish. The major is on track to test major trendline resistance at 110.75.