The USD/JPY has continued to trade sideways in the range between the 106.80 and 107.00 levels.
It was expected by Dukascopy Analytics that the sideways trading would end soon.
Economic Calendar
During this week, there are a couple of scheduled macroeconomic data releases that could impact the currency exchange rate.
On Tuesday, the US Flash Manufacturing PMI survey results will be released at 13:45 GMT.
On Thursday, macroeconomic data set release from the US could impact the market. The US Durable Goods Orders, Final GDP and Unemployment Claims data are set to be published at 12:30 GMT.
Take a look at all of the historical reaction tables by clicking on the link below.
USD/JPY short-term daily review
The USD/JPY has continued to trade in the range between the 106.80 and 107.00 levels. In theory, any sideways trading ends. It can end by surging or declining.In the case of a decline, the rate could be pushed down by the 55, 100 and 200-hour simple moving averages. In this scenario, the pair would have to pass the support of the 106.80 level. Afterwards, the rate would aim at the support of the monthly pivot point at the 106.56 level.
If the pair surges, it would first need to test the combined resistance of the 100 and 200-hour SMAs and the weekly simple pivot point at 107.07. If these levels fail to provide resistance, the USD/JPY could reach for the monthly pivot point at 107.33.
Hourly Chart
On the daily candle chart, the 55-day simple moving average continues to provide resistance near the 107.50 mark.
Meanwhile, note that the rate has gained support from the monthly S1 at 106.56.
Daily chart
Read More: Technical Analysis
Traders go long
On Monday, on the Swiss Foreign Exchange 55% of open position volume was in long position.
On Friday, the sentiment was 54% short.
Meanwhile, 52% of set up pending trade orders in a 100-pip range around the exchange rate were set to buy.