FxWirePro: USD/JPY maintains bullish bias with focus on 115.00 levels
USD/JPY slightly dipped on Wednesday as traders awaited a widely watched U.S. employment report due on Friday for final confirmation of a rate hike next week. Investors are awaiting February non-farm payrolls data on Fri…
USD/JPY slightly dipped on Wednesday as traders awaited a widely watched U.S. employment report due on Friday for final confirmation of a rate hike next week.
Investors are awaiting February non-farm payrolls data on Friday as a barometer of the U.S. economy after Federal Reserve Chair Janet Yellen said last week the central bank was poised to lift rates provided jobs and inflation data held up.
Data on Wednesday showed U.S. private-sector payrolls rose more than expected for February. The ADP National Employment Report showed U.S. private payrolls added 298,000 jobs in February, well above economists' expectations of a 190,000 gain.
Bets that the Fed could hike rates soon have been steadily growing for weeks after several policymakers from the U.S. central bank publicly stressed that possibility.
Further downside in this pair is expected to be limited as the pair finds strong support at 113.64 which should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 114.85, a break above this level would take the pair towards next resistance level at 115.60.
To the downside immediate support can be seen at 114.24, a break below this level will open the door towards next level at 113.64.
