The Automatic Data Processing Inc. (ADP) Employment Change data for August 2019 came in at +195,000, which beat the market consensus of +148,000 jobs added. It was also better than the previous month’s revised figure of +142,000. The tradable deviation was from +156,000 (USD-positive) and above, or from +140,000 and below (USD-negative).
The USDJPY has gained 35 pips so far on this news. The response is likely to be muted as markets await the big number tomorrow. However, the USDJPY is challenging the R2 pivot in the near term. A push above this level will target the 107.18 resistance (R3 pivot) in the near term.
On the flip side, a retreat below 106.57 will target 105.58 and below that, 105.05 could also come into the picture. These are the key levels to watch out for when the Non-Farm Payrolls report is released tomorrow at 12.30pm GMT.Don’t miss a beat! Follow us on Telegram and Twitter.
Download our latest quarterly market outlook for our longer-term trade ideas.
Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.