By the middle of Friday's GMT trading hours, the USD/JPY remained below the resistance of the 105.50 level. Moreover, the approach of the 55-hour simple moving average did not cause a surge of the pair.
In the near term future, the currency exchange rate was expected to remain below the 105.50 mark.
Economic Calendar
On Wednesday, at 12:15 GMT the ADP Non-Farm Employment Change data release could cause a move. For example, the USD/JPY has moved from 8.3 to 19.6 pips on the announcement.
On the same day, at 12:30 GMT the US are publishing GDP data. A move of 5.5 to 38.9 pips has occurred on the release. However, the 38.9 pip move was an anomaly caused by the coronavirus.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move.
The week will end with a monthly data release. The US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are scheduled for 12:30 GMT. USD/JPY has moved from 11.7 to 48.7 pips on the announcement.
Click on the link below to see the historical reaction tables.
USD/JPY short-term daily review
The USD/JPY currency pair has been trading sideways in the 105.40 area since Thursday.It is likely that the exchange rate could gain support from the 55-hour moving average near 105.30 and extend gains in the short term. In this case the rate could face the resistance level—the weekly R1 at 105.76.
In the meantime, if the predetermined level holds, it is likely that the currency pair could maintain its consolidation in the nearest future. Otherwise, the pair could target the monthly PP at 106.02.
Hourly Chart
On the daily candle chart, the pair is retracing back up to the 55-day simple moving average, which on Friday was located at the 106.00 level.
Daily chart
Since Monday, traders of the Swiss Foreign Exchange were long, as 57% of all open position volume was in long positions.
Nothing has changed, as the rate remains flat.
Meanwhile, trader set up pending orders in the 100-pip range were 66% to sell.
The orders were 71% to sell on Thursday.