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USDJPY : Pauses Rally After ADP Non Farm Employment Change

USDJPY pauses gains after the release of downbeat ADP Non-Farm unemployment change data. According to the report, the private sector employment increased by 179000 jobs from April to May missing the economist's expectation for an increase to 217000.Although the reading rebounded in April, job growth in May slowed a little. However the number of jobs added in May are higher than May of last year and in line with the average over the past twelve years.

Professional/Business services sector contributed the most to the May reading.

(USDJPY : Daily Chart)

On the Daily Chart, the pair earlier broke the resistance trend line of a descending triangle showing a bullish movement. USDJPY should find support at 102.11 if it falls and resistance at 102.72. Moving averages on the chart are contracting towards each other showing that the trend might change now. 

However of we look at the 4 hour char, the 50 day SMA just trying to cross the 200 day SMA. If it crosses the 200 day SMA it will show that the bullish trend still exist, if it does not then there is a short term bearish trend.