USD/JPY trading at 113.88
USD/JPY touched a two-week high of 114.56 in the moments after the strong ADP employment reading but quickly gave back the gains and has now faded down to 113.85, just above the 113.78 Asian session low.
One reason is that ADP is a poor predictor of non-farm payrolls. The larger reason is that the pair posted a big gain yesterday and the market doesn't want to get too far ahead of itself.
So long as it can hold 113.78, the bulls are still in great shape.
As for a trade, a bid here with a stop below 113.78 is solid strategy.