The Japanese yen has found sellers around the 112.00 handle earlier today, prompting USD/JPY to rebound and retake the current 112.60/65 band.
USD/JPY supported at 112.00
Positive US ADP results have added extra legs to the ongoing rebound in the greenback, extending the bounce off daily lows near 112.00 the figure. Furthermore, earlier comments by Fed’s C.Evans have somewhat supported USD, keeping the door (a little bit) open for a rate hike in April.
In the meantime, market participants appear to have digested yesterday’s dovish speech by J.Yellen, shifting their focus to the upcoming Non-farm Payrolls due on Friday (205K exp.).
USD/JPY levels to watch
As of writing the pair is retreating 0.08% at 112.61 and a break below 112.02 (low Mar.30) would target 110.65 (low Mar.17) en route to 105.18 (monthly low Oct.2014). On the flip side, the initial up barrier is located at 113.81 (high Mar.29) ahead of 114.75 (55-day sma) and then 116.17 (50% Fibo of 121.70-110.65).
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(Market News Provided by FXstreet)
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