Economic Calendar
At the start of 2024, notable events start on Wednesday. At 15:00 GMT, watch the Institute for Supply Management Manufacturing Purchasing Managers Index survey results and the JOLTS Job Openings number. Note that the two releases could cause a major impact, if both shows either better or worse than expected data.
On the same day, some impact could be created by the publication of the Federal Reserve Open Market Committee Meeting Minutes publication. The Meeting Minutes are a protocol of the US monetary policy maker's last meeting. It can reveal additional information on future US base interest rate policy.
On Thursday, the US ADP Non-Farm Employment Change is capable of impacting the markets. The Automatic Data Processing released number usually is a good indicator of what the US government data will show, as it occurs prior to the official publication of employment numbers. The event is scheduled for 13:15 GMT.
On Friday, the US monthly employment data sets will be published. The event is scheduled for 13:30 GMT.
They are bound to impact the financial markets via the value of the US Dollar. Namely, good data reveals that inflation might return and the Fed would have to keep rates high or even cut. This would cause a surge of the Dollar. On the other hand, bad data would weaken the USD, as the Fed can cut rates.
USD/JPY hourly chart analysis
The ongoing surge could encounter resistance in the 143.00 level and the weekly simple pivot point at 143.23.In the meantime, a decline of the US Dollar against the Yen is highly likely set to encounter support in the 141.85/142.10 range and the 50, 100 and 200-hour simple moving averages that were approaching this zone.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY has passed above the resistance line that has kept the rate down since the pair booked the high level on November 12. An extension of the ongoing move could encounter resistance in the 200-day simple moving average near 145.00 and the 144.60/146.00 range.On the other hand, a decline is expected to find support in the 140.00 level. If the 140.00 mark does not act as support, note the support and resistance range at 137.30/139.40.
Daily chart
On Wednesday, trader open position volume showed that Dukascopy traders were 59% short.
Meanwhile, pending orders in the 100-point range around the rate were 59% to sell the pair.