The USD/JPY currency pair pierced the Fibo 38.20% at 106.86, however, failed to decline below 106.50.
During Monday morning, the pair was testing the resistance provided by the 55-hour SMA and the weekly PP in the 107.10 area.
Economic Calendar
This week, data releases are scheduled to start on Tuesday. However, the US CPI data sets have not caused notable moves. Normal volatility remains intact during the release.
On Thursday, the publication of the US Retail Sales and Unemployment Claims 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
On Friday, the USD/JPY currency pair pierced the Fibo 38.20% at 106.86. During today's morning, the pair was testing the resistance provided by the 55-hour SMA and the weekly PP at 107.10.If the given resistance holds, it is likely that a reversal south could occur in the nearest future, and the exchange rate could decline in the nearest future. Note that the nearest support– the weekly S1, is located at 106.45.
However, if the Fibo 38.20% holds, it is likely that the US Dollar could trade sideways against the Japanese Yen in the nearest future.
Hourly Chart
On the daily candle chart, the rate trades below the additional resistance of the 55 and 100-day simple moving averages that are located in the 107.50 area.
Daily chart
On Monday, on the Swiss Foreign Exchange 54% of open position volume was in short positions
Meanwhile, trader set up pending orders in the 100-pip range were slightly bullish, as 55% of orders were to buy.