The USD/JPY currency pair revealed a short-term ascending channel.
From a theoretical point of view, it is likely that some upside potential could prevail in the market.
Economic Calendar
This week, there is one notable time to watch the economic calendar. At 12:30 on Thursday, a group of various US data sets will be published.
Each one of these data sets on their own can cause a move of about ten pips. Combined, the move could total to up to 30 pips. br>
USD/JPY short-term daily review
On Tuesday, the USD/JPY currency pair revealed a short-term ascending channel. During today's morning, the pair reversed north from the lower channel line.
From a theoretical point of view, it is likely that some upside potential could prevail in the market, and the exchange rate could target the upper channel line located circa 107.95.
Meanwhile, it is unlikely that some downside potential could prevail in the market due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 107.55/107.66 range.
On the daily candle chart, the exchange rate remains to be under pressure of the 55-day moving average and the monthly PP at 107.64.
Daily chart
From a theoretical point of view, it is likely that some upside potential could prevail in the market, and the exchange rate could target the upper channel line located circa 107.95.
Meanwhile, it is unlikely that some downside potential could prevail in the market due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 107.55/107.66 range.
Hourly Chart
On the daily candle chart, the exchange rate remains to be under pressure of the 55-day moving average and the monthly PP at 107.64.
Daily chart
Read More: Technical Analysis
Traders remain short
On Wednesday, trader open position volume on the Swiss Foreign Exchange was 59% short.