FxWirePro: USD/JPY maintains bullish bias with focus on 114.50 levels
USD/JPY rose on Wednesday after dollar was boosted by the stronger-than-expected reading on U.S. employment and solid manufacturing data. U.S. factory activity hit a more than a two-year high in January and a private pay…
USD/JPY rose on Wednesday after dollar was boosted by the stronger-than-expected reading on U.S. employment and solid manufacturing data.
U.S. factory activity hit a more than a two-year high in January and a private payrolls report shot past expectations.
ADP National Employment Report showed U.S. private employers added 246,000 jobs in January and the Institute for Supply Management said its index of national factory activity rose to 56.
Further downside is expected to be limited as the pair finds strong support at 112.35 should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 114.42, a break above this level would take the pair towards next resistance level at 114.98.
To the downside immediate support can be seen at 113.15, a break below this level will open the door towards next level at 112.35.
