FxWirePro: USD/JPY consolidating around 111.27, bias is bullish

USD/JPY rose on Thursday as dollar strengthened after investors turned their focus to the monthly employment data on Friday, after better-than-expected private sector hiring pointed to strength in the labor market.
The ADP private sector employment report showed that 253,000 jobs were added in May, well above the 185,000 jobs estimated by economists.
The ongoing upside is set to continue for this pair as the support level at 110.48 is likely to act as strong barrier to the bears.
To the upside, the strong resistance can be seen at 111.74, a break above this level would take the pair towards next resistance level at 112.00.
To the downside immediate support can be seen at 111.05, a break below this level will open the door towards next level at 110.48.

Resistance Levels

R1: 111.48 (Session high)

R2: 111.74 (23.6% Retracement Level)

R3: 112.00 (Psychological levels)

Support Levels

S1: 111.05 (38.2% Retracement Level)

S2: 110.48 (50% Retracement Level)

S3: 109.92 (61.8% Retracement Level)

Related articles