USD/JPY unmoved on ADP, around 110.30

The greenback keeps the firm note vs. the Japanese yen on Wednesday, now taking USD/JPY to the 110.35/40 band in the wake of the ADP release.

USD/JPY apathetic post-US data

Spot kept the composure after the US private sector added 178K during the month of July, as reported by the ADP. In addition, June’s results have been revised higher to 191K from 158K.

The pair’s recovery remains well and sound today, advancing for the second consecutive session and reverting at the same time the test of fresh lows in sub-110.00 levels seen on Tuesday. The renewed upside comes along in tandem with the performance of US yields, particularly the 10-year reference, which is hovering over the 2.27% handle after bottoming out near 2.25% earlier in the week.

In the meantime, the US Dollar Index is posting marginal losses for the day, struggling to move closer to the critical 93.00 barrier and ahead of the speeches by Cleveland Fed L.Mester (2018 voter, hawkish) and San Francisco Fed J.Williams (2018 voter, dovish).

USD/JPY levels to consider

As of writing the pair is gaining 0.40% at 110.80 and a break above 110.99 (61.8% Fibo of 108.81-114.51) would aim for 111.05 (10-day sma) and finally 111.56 (55-day sma). On the flip side, the immediate support aligns at 110.16 (76.4% Fibo of 108.81-114.51) seconded by 109.91 (low Aug.1) and finally 108.81 (low Jun.14).