FxWirePro: USD/JPY maintains bullish bias with focus on 112.50 levels
USD/JPY inched higher on Wednesday as the dollar rallied across the board after stronger-than-expected U.S. private payrolls data boosted expectations of robust jobs report on Friday and possibly a faster pace of interes…
USD/JPY inched higher on Wednesday as the dollar rallied across the board after stronger-than-expected U.S. private payrolls data boosted expectations of robust jobs report on Friday and possibly a faster pace of interest rate increases from the Federal Reserve.
U.S. companies added 263,000 workers in March, suggesting a further tightening of the labor market, payrolls processor ADP said. The figure was the most since December 2014 and far exceeded expectations for a gain of just 187,000.
The ADP report drew investors back into the market after a period of range-bound trading amid worries about President Donald Trump's ability to deliver on his policy plans after a recent legislative setback.
Further downside is expected to be limited for this pair as strong support at 110.73 is set to limit downside and push the pair towards higher side.
To the upside, the strong resistance can be seen at 112.08, a break above this level would take the pair towards next resistance level at 112.55.
To the downside, immediate support can be seen at 111.15 a break below this level will open the door towards next level at 110.73.
