Since Monday, the USD/JPY currency pair has been trading sideways around the monthly PP at 106.09.
It is likely that the pair could gain support from the 55-hour SMA and add to gains in the short run.
Economic Calendar
The first week of August is going to be relatively busy on the economic calendar.
On Wednesday, the US ADP Non-Farm Employment Change data is set to be issued at 12:15 GMT. Additionally, the US ISM Non-Manufacturing PMI survey results are set to be published at 14:00 GMT.
On Thursday, the US Unemployment Claims data is going to be published at 12:30 GMT.
On Friday, the US Employment data set release could be in the spotlight. The release is scheduled to 12:30 GMT.
Click on the link below to find out more about the data releases.
USD/JPY short-term daily review
On Monday, the USD/JPY currency pair was trading sideways around the monthly PP at 106.09. During today's morning, the pair maintained its consolidation.It is likely that the exchange rate could gain support from the 55-hour SMA near 105.70 and extend gains in the short run. In this case the rate could face the resistance area formed by the weekly R1 and the Fibo 38.20% in the 106.63/106.86 range.
If the given resistance area holds, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
Hourly Chart
On the daily candle chart, the rate continues to trade downwards, guided by the descending channel.
It is likely that the pair could gain support from the monthly S2 at 104.18.
Daily chart
On Tuesday, on the Swiss Foreign Exchange 58% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range were 64% to buy.