FxWirePro: USD/JPY firms slightly ahead of US jobs data

• USD/JPY firmed slightly on Wednesday as market participants positioned themselves ahead of key U.S. employment data, which is expected to offer fresh insights into the strength of the U.S. labor market.

• Traders are closely watching the ADP employment report due later today, as it will provide an early indication of labor market strength ahead of the more closely watched U.S. nonfarm payrolls data scheduled for release on Friday.

• Investor focus also remained on a potential call between U.S. President Donald Trump and Chinese leader Xi Jinping this week, amid ongoing tensions between the world’s two largest economies.

• Investors are hoping the discussion could ease concerns over tariffs and strained diplomatic ties, which have weighed on global market sentiment.

• Immediate resistance is located at 145.05 (38.2%fib), any close above will push the pair towards 146.00(Psychologial level).

• Support is seen at 142.52(38.2%fib) and break below could take the pair towards  141.11(Lower BB).

Recommendation: Good to sell  around 144.50, with stop loss of 145.50 and target price of 143.00