FXStreet (San Francisco) - The USD is reacting to the upside against the Japanese Yen following the better than expected ADP employment data. The USD/JPY jumped around 25 pips from 101.40 to break above 101.60 and trade at highs since June 26 around 101.70.
The Automatic Data Processing reported and increase in 281K new jobs in the private sector in June, well above the 200K expected by market and the biggest monthly increase since December 2012. ADP data would make experts to revise up their nonfarm payrolls expectations.
Currently, USD/JPY is trading at 101.65, up 0.13% on the day, having posted a daily high at 101.70 and low at 101.41. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
The USD/JPY "opened at the upper end of the band, as EUR/JPY selling weighed on USD/JPY early," Matt Bacon-Hall from FXBeat commented. "Order wise, sellers 101.70-80 with decent bids below 101.20-25. Stops kick in below 101.00 and 100.70."