USD/JPY turns negative near 113.20 on ADP

The greenback lost further momentum vs. the Japanese currency today, with USD/JPY now probing the negative territory in the 113.25/20 band.

USD/JPY weaker post-ADP

The pair met extra selling pressure after the US ADP report showed the private sector added 158K jobs during last month vs. 185K initially estimated and down from May’s 230K (revised from 253K).

Spot stays pretty much unchanged despite the weak reading, as US yields, particularly the 10-year benchmark stays close to session tops near the 2.38% level.

Later in the session, Initial Claims, the ISM non-manufacturing and the speech by FOMC’s J.Powell (permanent voter, centrist) are due.

USD/JPY levels to consider

As of writing the pair is losing 0.08% at 113.19 and a break below 112.56 (10-day sma) would aim for 112.26 (61.8% Fibo of the May-June drop) and then 111.57 (21-day sma). On the other hand, the next up barrier emerges at 113.69 (high Jul.5) followed by 114.39 (high May 11) and finally 115.51 (high Mar.10).