USD/JPY stretched to fresh 2-week highs as the dollar received a mild boost from an upbeat ADP reading two days before the nonfarm payrolls report.
US private sector added 214K new jobs in February, above the 190K expected, according to Automatic Data Processing. However, January’s gain was downwardly revised to 193K from 205K previously estimated.
USD/JPY rose further and reached a high of 114.54 before losing steam. At time of writing, the pair is trading at 114.45, recording a 0.41% gain on Wednesday.
USD/JPY levels to consider
In terms of technical levels, immediate resistances are seen at 114.86 (Feb 16 high), 115.05 (38.2% Fibo of 121.68/110.97 decline) and 115.84 (Feb 9 high). On the flip side, supports could be found at 113.73 (Mar 2 low), 113.00 (psychological level) and 112.15 (Mar 1 low) ahead of key 111.03/110.97 (Feb 24 low/2016 low Feb 11).
(Market News Provided by FXstreet)