The USD/JPY pair fell initially during the day on Wednesday, but found enough support underneath the 114 level to shoot the market higher. With a better-than-expected ADP jobs number, the US dollar gained but I recognize that there is a lot of resistance at the 115 handle. If we can break above there, and then we can continue to go towards the 118.50 level. One thing that I would point out, the most recent low has gotten higher, so I think a breakout is coming rather soon, and should continue the longer-term uptrend.
Written by FX Empire