FXStreet (Mumbai) – The USD/JPY found support at 119.24, which is the 61.8% fibo retracement of the rally witnessed after the Bank of Japan surprised with negative rates on Friday.
Eyes US data
The pair now awaits the US private sector employment report published by ADP. It will be followed by the US ISM non manufacturing report. The traders would be interested to see if the service sector in the US added jobs at a healthy rate in January.
An upbeat data could push up expectations of a strong payrolls figure. As of now, the spot is trading around 119.35 levels. Demand for the safe haven remains intact on account of the risk-off in the equities.
USD/JPY Technical Levels
The immediate support is seen at 119.20 (10-DMA), under which the spot could target 118.30 (23.6% of 125.856-115.97). On the other hand, a break above 119.75 (38.2% of 125.856-115.97) could open doors for a rise to 50-DMA at 120.25.
(Market News Provided by FXstreet)