USD/JPY: Daily Technical Analysis for July 3, 2014

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The U.S dollar traded largely higher against most major currencies on Wednesday after a private-sector jobs report came in much stronger than anticipated, boosting hopes official data on Non Farm Pay Rolls will do likewise on Thursday. ADP reported earlier in its Non-farm payrolls report showed that the U.S private sector added 281,000 jobs last month, beating expectations for an increase of 207,000 and the highest since November 2012 giving strength to the dollar against all its rivals. Elsewhere, the dollar, however, firmed on sentiments that rates are set to rise next year regardless after Federal Reserve Chair Janet Yellen said earlier that the appetite for risk appears to be on the rise though the country’s top economist sees no need to immediately alter today’s accommodative U.S. monetary policy..


Intra-day bias in the pair remains on the upside as 21 and 55 Ema signals a bullish scenario with SSRC and MACD Oscillator showing more demand could be seen.  More rise to 101.152/101.181 resistance is expected and a clear break of such resistance could trigger more demand to 102.782 resistance.


However, investors would be taking a close look on Non Farm Pay Rolls data and the ECB Press Conference scheduled to be released simultaneously on Thursday.


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