FxWirePro: USD/JPY gains for the 4th straight session, tests 21-EMA

Chart - Courtesy Trading View 

USD/JPY was trading 0.38% higher on the day at 133.91 at around 05:20 GMT.

The major is extending gains for the 4th consecutive session, outlook remains bullish.

Upbeat cues from the release of the Automatic Data Processing (ADP) Employment Change on Thursday raise expectations for stronger NFP data.

ADP reported a healthy improvement in the number of employment additions for December month to 235K vs. the expectations of 150K and the former release of 127K.

Analysts at Goldman Sachs expect US Nonfarm Payrolls data at 225K+. The Unemployment Rate is seen unchanged at 3.7%.

Bank of Japan (BoJ) conducted another unscheduled/ emergency Japanese government bond (JGB) buying operation earlier on Friday.

Technical Analysis:

- Price action is testing 21-EMA resistance

- 5-DMA has turned North, the pair is trading above 200H MA

- GMMA has turned bullish on the intraday charts

- Momentum is turning bullish, Stochs have rolled over from oversold levels

Major Support Levels: 132.37 (200H MA), 132.30 (5-DMA)

Major Resistance Levels: 133.98 (21-EMA), 136.45 (200-DMA)

Summary: USD/JPY pivotal at 21-EMA resistance. Watch out for decisive break above for upside continuation.