FxWirePro: USD/JPY consolidating upside post upbeat US PMI data, focus on ADP employment data

USD/JPY staged an impressive 200 pip rally after stronger than expected US ISM PMI indices.

• US ISM numbers came in better than expected at 49.5 in February, compared to 48.2 seen in January.
   
• Comments from BOJ Governor Kuroda, who sounded optimistic on Japan's inflation outlook boosting JPY bulls.
   
• The pair is struggling hard to keep the 114 handle, and has slipped below to currently trade at 113.88.
   
• Later today in the NY session, US ADP employment change numbers and EIA crude reserves report will be the main focus for further direction in the pair.
   
• 5-DMA at 113.50 is immediate support ahead of 113.37 (Feb 17th lows), while resistance above 114 is seen at 114.18 (March 1st highs) and then 114.32 (Feb 18th highs).