USD/JPY clinches fresh highs post-ADP, near 111.50
The greenback gathered further traction vs. its Japanese counterpart on Thursday, now lifting USD/JPY to fresh tops near 111.50.
USD/JPY bid after upbeat ADP
Spot met extra upside pressure after the ADP report showed the US private sector added 253K jobs during May, surpassing expectations and up from April’s 174K (revised from 177K).
The pair is extending its daily rebound to the area of 3-day peaks in the mid-111.00s in the wake of the release, supported by a solid bounce of US yields and reverting at the same time a 4-session negative streak.
Looking ahead, the ISM Manufacturing is due followed by the speech by FOMC’s J.Powell (permanent voter, centrist).
USD/JPY levels to consider
As of writing the pair is up 0.54% at 111.38 and a breakout of 111.45 (high Jun.1) would open the door to 111.99 (38.2% Fibo of 108.11-114.39) and then 112.12 (high May 24). On the flip side, the next down barrier is located at 110.51 (61.8% Fibo of 108.11-114.39) followed by 110.49 (low May 31) and finally 110.21 (low May 18).
