USD/JPY bulls attempt to reclaim 108.00 handle post-ADP
• Moves out of European session consolidation phase.
• The US Dollar gets a minor lift from upbeat ADP report.
• Next in focus will be the US ISM manufacturing PMI.
The USD/JPY pair extended its sideways consolidative price action and might now be looking to make a fresh attempt to reclaim the 108.00 handle post-ADP report.
The pair managed to recover around 300-pips from the Asian session flash crash low level of 104.69, the lowest since March 2018, albeit struggled to extend the momentum and remained capped below the 108.00 handle.
The prevalent risk-off mood, as depicted by a sea of red across European bourses and indications of a weaker opening for the US equities, underpinned the JPY's safe-haven demand and kept a lid on the intraday recovery.
Meanwhile, the US Dollar got a minor lift after the latest ADP report showed that the US private sector employers added 271K new jobs in December, much better than 178K anticipated and 179K previous.
Today's US economic docket also features the release of ISM manufacturing PMI, which is unlikely to prove to be a game changer but might still be looked upon for some short-term trading impetus.
Technical levels to watch
Today Last Price: 107.68
Today Daily change: -1.4e+2 pips
Today Daily change %: -1.28%
Today Daily Open: 109.08
Previous Daily SMA20: 111.71
Previous Daily SMA50: 112.6
Previous Daily SMA100: 112.33
Previous Daily SMA200: 111.08
Previous Daily High: 109.76
Previous Daily Low: 108.71
Previous Weekly High: 111.41
Previous Weekly Low: 110
Previous Monthly High: 113.83
Previous Monthly Low: 109.55
Previous Daily Fibonacci 38.2%: 109.11
Previous Daily Fibonacci 61.8%: 109.36
Previous Daily Pivot Point S1: 108.61
Previous Daily Pivot Point S2: 108.13
Previous Daily Pivot Point S3: 107.55
Previous Daily Pivot Point R1: 109.66
Previous Daily Pivot Point R2: 110.24
Previous Daily Pivot Point R3: 110.72