USD/JPY could reach for 104.72

Note: This section contains information in English only.
Source: Dukascopy Bank SA

On Tuesday, the USD/JPY ended trading around the 104.00 level. The rate started to trade above the support of the 100-hour simple moving average and the weekly simple pivot point at 104.21.

In the near term future, the rate could surge, as it was being approached by two additional simple moving averages.

Economic Calendar



On Tuesday, the currency exchange rate could be impacted by the 15:00 GMT publication of the US ISM Manufacturing PMI. The pair has moved from 5.5 to 27.7 pips on the release since July.

On Wednesday and Thursday, the markets are unlikely going to be impacted by macroeconomic data releases. On those days the ADP Non-Farm Employment Change, US Unemployment Claims and the US ISM Non-Manufacturing PMI are set to be published. All of these releases have not caused increases of USD volatility despite being discussed by the financial media.

On Friday, the US will publish monthly employment data. Namely, the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings. The rate has moved from 10.4 to 26.3 pips on the announcement.

Click on the link below to find out more about the data releases of this and other currency exchange rates.

USD/JPY short-term daily review

The USD/JPY currency exchange rate started Tuesday's trading by finding support in the 100-hour simple moving average and the weekly simple pivot point at 104.21. In the meantime, additional support cloud be provided by the 55 and 200-hour SMAs, which were located near 104.15.

If the combination of the mentioned support levels cause a surge, the rate could reach for the weekly R1 simple pivot point at 104.72.

On the other hand, the rate has found resistance in the 104.50 level, which might force the USD/JPY into sideways trading.

Hourly Chart



On the daily candle chart, one can observe that the rate faces the additional resistance of the 55-day simple moving average, which on Tuesday was located at the 104.84 level.

Daily chart




Long sentiment increases

On Monday, on the Swiss Foreign Exchange 67% of volume was in long positions.

At the middle of Monday's trading hours, the sentiment was 63% long.

Meanwhile, trader set up pending orders in the 100-pip range around the rate were 56% to buy the pair.

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