ADP employment shows an improvement of 162K jobs in September, better than 143K expected by market. This is the 24th positive month in row after the last negative figure in October 2010.
Currently the USD/JPY is trading at 78.37, 0.29% above opening price action. "USDJPY targeting 78.50 off ADP data as bullish sentiment builds for pair," commented Boris Schlossberg from BK in his Twitter account.
Richard Lee, Independent Analyst for FXStreet.com notes that this morning represented the third straight session that the pair closed above the 78 handle resistance. He feels that the penetration is indicative of an extension higher, through the 78.50 barrier. He writes, “A close above the figure would ensure a test of the 79.21 September 19th session high.”