The US dollar caught a 20-pip bid after the ADP numbers but is struggling to extend gains.
One of the reasons is technical resistance, including the 200-day moving average in USD/JPY. The pair immediately jumped to 101.68 after the data but has only been able to grind 2 pips higher to 101.70 since. Heavy offers are there and protecting the 200-dma at 101.75. Look for another wave of US dollar strength if it gives way.
USD/JPY daily
