FxWirePro: USD/JPY changes short term trend from neutral to bearish

• USD/JPY dipped on Wednesday as the U.S. dollar came under selling pressure after data showed fewer new jobs than forecast were created in the United States in July, bolstering expectations that the Federal Reserve will be cautious about raising interest rates.
   
• U.S. private employers added 178,000 jobs in July, below economists' expectations, a report by a payrolls processor showed on Wednesday.
   
• Investors were looking ahead to the more comprehensive U.S. non-farm payrolls report on Friday for a clearer indication of the Fed's intentions.
   
• The dollar was last trading against the Japanese yen at 110.46 yen, hovering above a more than six-week low touched Tuesday of 109.91 yen.
   
• The ongoing weakness is set to continue for this pair as the resistance level at 110.86 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
   
• To the upside, immediate resistance can be seen at 110.43, a break above this level would take the pair towards next resistance level at 110.86.
   
• To the downside immediate support can be seen at 110.00, a break below this level will open the gates towards next level at 109.53.
  
  Resistance Levels
  
  R1: 110.43 (38.2% Retracement level)
  
  R2: 110.86 (61.8% Retracement level)
  
  R3: 111.33 (July 28th high)
  
  Support Levels
  
  S1: 110.00 (38.2 % Retracement level)
  
  S2: 109.53 (23.6 % Retracement level)
  
  S3: 109.00 (Psychological levels)

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