Economic Calendar
The week should be considered as highly volatile considering the fact that both monetary policy planners on both currencies will have presented a statement regarding currency interest rates.
The Merchandise Trade Balance should also be considered an important metric for the valuation of the currency pair this week.
USD/JPY hourly chart analysis
The previous week saw significant momentum to the upside, with the currency pair closing above the 153.000 price level. Forward momentum may continue, considering that the 50-period, 100-period, and 200-period simple moving averages are all below the current price.If a decline in price occurs due to unexpected macroeconomic data, the 153.300 to 152.8400 range could be considered the initial support zone for further price discovery.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candlestick chart, the current price of USD/JPY is trading between the 200-day and 100-day SMAs. The current price also represents the 38.2% Fibonacci retracement level, considering the price increase from mid-September as the entry point. Further price discovery towards 160.000 is possible if the 156.000 price level is broken, with 160.000 being the next target.
Read More: Technical Analysis
Traders are sitting in long positions
Currently, traders' sentiment suggests no clear directional bias for USD/JPY, with 62.50% of traders who opted to trade the pair being long, while the remaining 37.50% are short. This indicates a slight, but not significant, increase in bullish sentiment for the USD/JPY currency pair.
Currently, traders' sentiment suggests no clear directional bias for USD/JPY, with 62.50% of traders who opted to trade the pair being long, while the remaining 37.50% are short. This indicates a slight, but not significant, increase in bullish sentiment for the USD/JPY currency pair.