Economic Calendar
During next week, there are various types of events, which could impact different currencies. However, among the events it is clear that the top one is the quarterly US Preliminary Gross Domestic Product data release on Thursday at 13:30 GMT.
On Tuesday, the US Markit Manufacturing and Services Purchasing Managers Index survey results are expected to cause move on all USD pairs and assets.
The week's notable events will end on Friday with the US Durable Goods Orders and Core Durable Goods orders publication at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
A move above the 50-hour simple moving average might find resistance in the 100-hour simple moving average near 115.40, before reaching the upper trend line of a channel down pattern. The pattern has guided the pair down since February 10. Above the trend line, take into account the 200-hour simple moving average near the 115.50 mark and the weekly simple pivot point at 115.62.Meanwhile, if the 50-hour simple moving average pushes the rate down, the USD/JPY might find support in the 115.00 and 114.80 levels, prior to booking new low levels.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has reached the early 2022 high level and passed the November and January high level at 115.50. The rate needs to pass the 116.00 mark to book new high levels.Most recently, it appeared that the currency exchange rate was retracing to the support of the 50-day simple moving average near 144.90. Below the 50-day SMA, note the 100-day moving average near 114.35.
Daily chart
Since Thursday, on the Swiss Foreign Exchange, traders were short, as 71% of open position volume was in short positions.
Meanwhile, on Friday, trader set up pending orders in the 100-pip range around the rate were 53% to buy the USD against the JPY.