The USD/JPY has ended trading near the 104.00 level, as on Monday it declined to the 103.60 level. During the decline, the currency exchange rate had passed the support of the weekly S1 simple pivot point at 103.76.
In the near term future, the pair was expected to reach for the weekly S2 simple pivot point. However, the 103.50 mark could slow down a potential decline.
Economic Calendar
On Wednesday, the US Retail Sales and US Core Retail Sales could cause a move on the chart at 13:30 GMT. The rate has moved 5.3 to 11.2 pips on the announcements.
Moreover, on that day the US Flash Manufacturing and Services Producers Managers Indices or PMIs are set to be published at 14:45 GMT. The USD/JPY has moved from 3.0 to 28.6 pips on this publication.
The day would end with the top event of the whole calendar. The US Federal Reserve is set to publish their Federal Funds Rate and FOMC Statement at 19:00 GMT. However, this is one of the three times when the FOMC Economic Projections are published. During the publication of the projections the USD/JPY has moved 28.7 pips in June and 26.6 in September.
On Thursday, at 13:30 GMT the US Unemployment Claims could create a move of 4.8 to 8.7 pips. Dukascopy Analytics mostly ignore this event, as it does not create notable short term volatility increases. However, due to it being popular on financial media, a comments and the numbers are provided.
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
During Monday morning hours, the USD/JPY currency pair pierced the weekly S1 at 103.76.From the one hand, it is likely that the exchange rate could continue to trade downwards in the short term. Note that the nearest support level—the weekly S2, is located at 103.41.
From the other hand, the rate could reverse north in the nearest future. Note that the pair could face the resistance formed by the 55-, 100– and 200-hour moving averages, as well the weekly PP in the 104.15 area.
Hourly Chart
On the daily candle chart, the rate pierced the support zone, which kept the pair down since November 18. It indicates that the pair could reach for the November low level of 103.20.
Daily chart
Since Friday, on the Swiss Foreign Exchange 71% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 78% to buy the pair.