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"The ADP data confirm that the labor market data in the U.S. is healthy and robust. That puts a December rate hike on track."
- BK Asset Management (based on CNBC)
Pair's Outlook
The US ADP Employment Change data provided the Greenback with a sufficient boost to reclaim the area above the up-trend yesterday. Today the USD/JPY remains supported by the trend-line, now also reinforced by the weekly R1, but the tide might still turn in wake of no bullish impetus from the fundamentals. The closest cluster to limit the possible rally is formed by the Bollinger band and the weekly R2 around 123.70, whereas a breach of the up-trend could cause the exchange rate to edge closer to the weekly PP at 122.74.
Traders' Sentiment
Bearish market sentiment remains unchanged, with bears taking up 71% of the market. At the same time, the number of orders to purchase the Buck slightly declined, falling 4% points to 68%.
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