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Forex: USD/JPY falls after weak ADP report

FXstreet.com (Córdoba) - The dollar, which was already under pressure, fell to fresh daily lows versus the yen after ADP report showed the US private sector created 119,000 jobs in April, well below expectations of 150,000, while March figure was downwardly revised.

USD/JPY slid to a low of 97.01, just a pip above yesterday's trough of 97.00. At time of writing, USD/JPY is trading around 97.10, 0.3% below its opening price.

Ahead of the Fed monetary policy decision, sour employment data adds to bank's case to maintain an ultra-loose policy and offers some downside risk to Friday's payroll number.

As for technical levels, if USD/JPY breaks below 97.00, next support is seen at 96.70 (high Mar 12) followed by 96.35 (low Apr 15). On the other hand, resistances could be found at 97.80 (daily high) and 98.00 (psychological level).

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