US economic recovery could increase, which may help the dollar against the safe-haven yen.

The USD/JPY gained close to 40 pips throughout the day, eventually trading as high as 79.93.

Today, dollar traders will want to pay attention to a batch of potentially significant US news. The ADP Non-Farm Employment Change, largely considered a valid predictor of Friday’s all-important Non-Farm Payrolls figure, will be released at 12:15 GMT. At 14:00, the CB Consumer Confidence figure and ISM Manufacturing PMI will both be announced. Should any of the indicators come in above their forecasted levels, investor confidence in the US economic recovery could increase, which may help the dollar against the safe-haven yen.

USD/JPY intraday: the upside prevails.

Pivot: 79.75. Our preference: LONG positions above 79.75 with targets @ 80.15 & 80.3. Alternative scenario: The downside penetration of 79.75 will call for a slide towards 79.65 & 79.5. Comment: the pair remains on the upside and is approaching its resistance.

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