- SWFX market sentiment is 70% bullish
- Pending orders in the 100-pip range are 67% to BUY
- US ISM Manufacturing PMI release
The Easter Holiday was spent with mainly low volatility and narrow movement for the US Dollar against the Japanese Yen.
The Bureau of Economic Analysis revealed higher final GDP in the Q4 2017, however the market remained almost unchanged. The Bureau of Economic Analysis reported a growth of 2.9%, surpassing the expectations and following a 3.2% growth rate recorded in the previous period.
One of the main reasons for the US economy to expand more than forecast is the increase in consumer spending.
US ISM Manufacturing PMI release
There are several major fundamental events during this week. The first of which is the US ISM Manufacturing PMI release scheduled at 14:00 GMT. The data release will be covered by Dukascopy Research term during Monday's research webinar which start at 12:00 GMT.
USD/JPY Pressured by 55-hour SMA
The Good Friday was spent with mainly low volatility and narrow movement for USD/JPY. A breakout of the 55-hour SMA was not followed by a fall, as the pair started moving along a short-term trend-line.All indications point to a possible decline in this session. The expected fall, however, is likely to be limited due to a strong support cluster set by the weekly and monthly PPs and the 100-hour SMA near 106.00.
It seems that the pair might lack enough downside momentum to move past this mark in case no fundamental releases, such as the ISM Manufacturing PMI released at 1400GMT today, strengthen the bearish sentiment.
Hourly Chart
The USD/JPY currency exchange rate has been trading with low volatility since Friday due to the Easter holiday.
Daily chart
SWFX traders are still on the long side, as 70% of open positions were bullish during the morning hours. Moreover, trader set up orders remain bullish, as 67% of trader set up orders were to buy the US Dollar in favour to the Japanese Yen.
Meanwhile, the market sentiment of OANDA traders remains strongly bullish with 71% long positions. In addition, Saxo bank traders are 60% bullish in regards to this pair.
Spreads (avg, pip) / Trading volume / Volatility