FXstreet.com (Barcelona) - Having breached above the 20-day moving average around 78.15, the USD/JPY first consolidated its position during the Asian session and European morning before extending its gains as the NY session opened and the US data was released. The USD/JPY is now trading around 78.50 area.
The ADP employment report dropped from 189k (revised down from 201k) to 162k in September, above the consensus of 143k. Later, the ISM non-manufacturing PMI indicated a surprise rise from 53.7 to 55.1 in September, instead of dropping to 53.2.
Since the USD/JPY moved above the 20-day MA, Commerzbank analysts expect a rally with prices underpinned by 77.45 and the 77.13 recent low: “This has cleared the way for a rally to the top of its
cloud at 79.26/27”, wrote analyst Karen Jones.
The ADP employment report dropped from 189k (revised down from 201k) to 162k in September, above the consensus of 143k. Later, the ISM non-manufacturing PMI indicated a surprise rise from 53.7 to 55.1 in September, instead of dropping to 53.2.
Since the USD/JPY moved above the 20-day MA, Commerzbank analysts expect a rally with prices underpinned by 77.45 and the 77.13 recent low: “This has cleared the way for a rally to the top of its
cloud at 79.26/27”, wrote analyst Karen Jones.
