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USD/JPY gains after US ADP report

FXStreet (Mumbai) - The USD/JPY pair rose to 117.60 levels despite the US ADP report for January printing at the lowest level since 2014.

Yen resilient despite rise in the Treasury yields

The 10-year Treasury yield has shot higher to 1.831% despite which the USD/JPY struggled to extend gains. The ADP report came-in at 213K, missing the expected print of 225K. However the previous month’s figure was revised upwards to 253K from 241K.

The rise in the treasury yield pushed the USD/JPY pair from 117.40 levels to 117.60 levels. However, the gains have been capped due to weakness in the US equity futures.

USD/JPY Technical Levels

The immediate resistance is seen at 117.77 (hourly 200-SMA), above which gains could be extended to 118.00 levels. On the flip side, support is seen at 117.22 and 116.86 levels.

Eurozone data review – BBH

The Brown Brothers Harriman Team reviews today’s Eurozone data releases, noting that today’s services PMI numbers support their view of a cyclical low being carved out.
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EUR/PLN targets 4.14 short-term – Rabobank

In the opinion of Jane Foley, Senior Currency Strategist at Rabobank, the increasing bearish around the euro will eventually drag the cross back to December lows...
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