FxWirePro: USDJPY consolidates above 200-DMA, upbeat ADP employment data fails to impress
USD/JPY chart - Trading View
USD/JPY was trading largely muted at 108.60 at around 12:25 GMT, upbeat ADP employment data has little impact.
Data released earlier today showed employment in the US' private sector declined by 2,760,000 in May, much better than the market expectation for a decrease of 9,000,000.
Upbeat ADP employment data failed to impress bulls. Civil unrest in the nation continue to keep the dollar subdued.
On the other side, global risk sentiment remains positive amid rising hopes for a sharp economic recovery, as lockdown restrictions ease across the world.
After grinding sideways for a prolonged period, the pair spiked higher on Tuesday's trade to break above 200-DMA.
Minor trend as evidenced by GMMA indicator has turned bullish, but major trend remains neutral.
Continued upside momentum required for upside continuation. Focus now on U.S. ISM non-manufacturing PMIs for further impetus.
Support levels - 108.34 (200-DMA), 108.05 (110-EMA), 107.48 (20-DMA)
Resistance levels - 109.18 (110W EMA), 109.52 (61.8% Fib), 109.83 (200W MA)