The Japanese Yen is gathering further pace vs. the greenback today, now dragging USD/JPY back below the key support at 114.00.
USD/JPY upside capped near 114.60
Spot has faded the earlier spike to the 114.60 area, or 2-week peaks, despite the solid print from US ADP report, where the US private sector has created more jobs than initially expected on a month to February (214K).
The pair is now struggling to keep its daily gains just below the 114.0 handle, while market participants are getting ready for the publication of the Fed’s Beige Book.
USD/JPY levels to watch
As of writing the pair is advancing 0.01% at 113.87 and a breakout of 114.56 (high Mar.3) would aim for 114.89 (high Feb.16) and then 115.09 (38.2% Fibo of 121.70-110.98). On the other hand, the next support lines up at 112.14 (low Mar.1) followed by 110.98 (low Feb.11) and finally 105.18 (monthly low Oct.2014).
(Market News Provided by FXstreet)