The US Labor Department released its monthly Job Openings and Labor Turnover survey today. According to the report, job openings increased to a seasonally adjusted 4.67 million in June, which missed forecasts but is still higher than May's 4.58M print. There has been a persistent increase in job openings, accelerating in recent months, and June's reading is the highest level since Feb. 2001. According to the report, hiring also increased, to 4.8 million in June, slightly up from May's 4.7M reading, and is the highest since Feb. 2008. We can attribute the improved employment on a sharp decline in layoffs. US Job Openings (souce: forexfactory; click to enlarge) This jobs report alongside with many other data points for the labor market should encourage the FOMC to raise rates earlier than mid-2015. If this prospect improves, the USD should strengthen, and the USD/JPY should rally. There is not much direct reaction in the USD/JPY based on this release. Price held above 102.10, above the 100-hour and 50-hour SMAs, and is still trading just above 102.10 after the release. After dipping to 101.50 last week, the ability to come back above 102 and hold above it revives the bullish outlook in the short-term. At this point a push above 102.45 would affirm this bullish outlook and put pressure toward the 103 resistance area, above which the next resistance will be in the 103.75-104 area. (USD/JPY 1H Chart 8/12)