FxWirePro: USD/JPY uptrend looks tired, but continues to hold

• The USD/JPY strengthened on Wednesday as investors assess US economic data and report of Trump's tariff plans.

  • Investors assessed an ADP report showing sharply slower private payroll growth in December, while separate Labor Department report showed jobless claims for the previous week fell..

  • According to CME's FedWatch tool, traders see  easing at the next meeting as possibility, but they also place 23% odds on another one coming in January.

• Investors will be eyeing Friday's more comprehensive non-farm payrolls data. Non-farm payrolls data will give the most definitive picture of labour market.

• Technical signals are   bullish as RSI is   at 67, daily momentum studies  5, 9 and 10 SMAs are trending up.
 
• Immediate resistance is located at 158.56(38.2%fib), any close above will push the pair towards 159.00 (Psychological level).

•  Support is seen at 157.49(50%fib) and break below could take the pair towards 156.38 (61.8%fib)

Recommendation: Good to buy  around 158.40, with stop loss of 157:00 and target price of 159.60