The USD/JPY has recovered, as it found support in the 110.82/110.90 zone. The following surge passed the resistance of the 55, 100 and 200-hour simple moving averages.
On Wednesday morning, the rate had reached the 111.80 level.
Economic Calendar
On Wednesday, the ADP Non-Farm Employment Change at 12:15 GMT might cause USD volatility. The pair has moved from 8.4 up to 27.3 pips on the release since May 2021.
On Thursday, the weekly US Unemployment Claims at 12:30 GMT might cause a minor move in the USD. The USD/JPY has moved from 3.7 to 24.7 pips on the releases that occurred in September.
On Friday, at 12:30 GMT, the US employment data sets will be out. Namely, the Average Hourly Earnings change, the Non-Farm Employment Change and the monthly Unemployment Rate are bound to impact the value of the US Dollar.
The pair has reacted to the US employment data since May 2021 with moves from 25.4 to 66.4 base points.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
A continuation of the surge of the USD/JPY currency exchange rate could reach first for the weekly R1 simple pivot point at 111.93. Afterwards, the rate might test the resistance of the 112.00 level.However, if the pair ends the surge and begins to decline, it might find support in the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point near 111.25.
Hourly Chart
USD/JPY daily chart's review
Note the zone marked above the 112.00 currency exchange rate. The zone is the 2019 and 2020 high level zone. The zone is expected to provide resistance to the currency pair.Daily chart
On Wednesday, on the Swiss Foreign Exchange, traders were short, as 73% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 52% to sell.