USD/JPY trades near 104.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Since reaching the 104.00 level, the USD/JPY currency exchange rate has traded in limbo around this level, as it has fluctuated from 103.85 to 104.30 levels.

In the near term future, the rate had two possible scenarios.

Economic Calendar



On Tuesday, the currency exchange rate could be impacted by the 15:00 GMT publication of the US ISM Manufacturing PMI. The pair has moved from 5.5 to 27.7 pips on the release since July.

On Wednesday and Thursday, the markets are unlikely going to be impacted by macroeconomic data releases. On those days the ADP Non-Farm Employment Change, US Unemployment Claims and the US ISM Non-Manufacturing PMI are set to be published. All of these releases have not caused increases of USD volatility despite being discussed by the financial media.

On Friday, the US will publish monthly employment data. Namely, the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings. The rate has moved from 10.4 to 26.3 pips on the announcement.

Click on the link below to find out more about the data releases of this and other currency exchange rates.

USD/JPY short-term daily review

Since Friday, the USD/JPY currency exchange rate has been trading in limbo around the 104.00 level. In the meantime, it was spotted that the rate ignored the support and resistance of the hourly simple moving averages.

If the rate ends trading near the 104.00 mark with a surge, it would aim at the resistance of the weekly R1 simple pivot point at 104.72.

On the other hand, a decline would test the previous week's low level near 103.70. In addition support could be provided by the weekly S1 simple pivot point at 103.65.

Hourly Chart



On the daily candle chart, one can observe that the rate is resuming its decline after retracing back up.

Daily chart




Traders are long

On Friday, on the Swiss Foreign Exchange 65% of volume was in long positions.

By the middle of Monday's trading hours, the sentiment had slightly changed, as 63% of volume was long.

Meanwhile, trader set up pending orders in the 100-pip range around the rate were 51% to buy the pair.

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