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USD/JPY Hits Weekly High At 123.35 Amid US Job Data -

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    • USD/JPY Hits Weekly High At 123.35 Amid US Job Data
Dec, 03rd 03:57

The USD/JPY pair advanced to its highest this week, reaching 123.35 on the back of strong US employment data, as the ADP survey showed that the private sector added 217K new jobs during November, beating expectations of a 190K advance.

The pair holds to its gains ahead of the US opening, and the 1 hour chart shows that the price is well above its 100 and 200 SMAs, whilst the technical indicators have resumed their advances and head sharply higher near overbought territory, all of which favors additional gains on a break above 123.40, the immediate resistance.

In the 4 hours chart, the technical outlook is also bullish, as the technical indicators extend their bounce further into positive territory.

Support levels: 122.60 122.20 121.70

Resistance levels: 123.40 123.75 124.40

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