FxWirePro: USD/JPY loses momentum but outlook is bullish

• USD/JPY inched higher on Monday as robust jobs data propped up greenback, although investors were wary of adding big positions before Federal Reserve chief Janet Yellen's testimony this week.
   
• U.S. job growth surged more than expected in June and employers increased hours for workers, signs of labor market strength that could keep the Fed on course for a third interest rate hike this year despite sluggish wage gains.
   
• Markets were looking ahead to Wednesday and Thursday, when U.S. Federal Reserve Chair Janet Yellen will address Congress.
   
• The currency pair is trading at 114.17 levels, it is set to advance further towards 114.50 and later 114.80 levels in the short term.
   
• To the upside, the strong resistance can be seen at 114.52, a break above this level would take the pair towards next resistance level at 114.86.
   
• To the downside immediate support can be seen at 114.00, a break below this level will open the gates towards next level at 113.59.
  
  Resistance Levels
  
  R1: 114.52 (38.2% Retracement level)
  
  R2: 114.86 (March 16th high)
  
  R3: 115.07 (23.6% Retracement level)
  
  Support Levels
  
  S1: 114.00 (50 % Retracement level)
  
  S2: 113.59 (61.8 % Retracement level)
  
  S3: 113.00 (Psychological levels)

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