USD/JPY climbs to highs near 101.50

The greenback is posting modest gains vs. its Japanese counterpart on Wednesday, sending USD/JPY to test session highs in the mid-101.00s.

USD/JPY supported around 100.60

The pair is recovering ground lost after bottoming out in 3-week lows around the 100.60 area on Tuesday, following a better tone in the greenback and decent profit taking in JPY.

USD gathered extra traction after July’s ADP report has bettered expectations, showing the US private sector added nearly 180K jobs, more than initially forecasted. On the not-so-bright side, US ISM Non-manufacturing missed estimates at 55.5 for the last month.

USD/JPY levels to consider

As of writing the pair is advancing 0.60% at 101.49 facing the immediate hurdle at 102.83 (high Aug.2) followed by 103.28 (50% Fibo of 99.08-107.48) and finally 104.12 (20-day sma). On the downside, a break below 100.88 (78.6% Fibo of 99.08-107.48) would aim for 100.02 (low Jul.8) and then 99.08 (low Jun.24).