Economic Calendar
The US Presidential Election and the Congressional elections takes place on Tuesday. These events will guide the financial markets.
On Thursday, watch the US Federal Reserve Federal Funds Rate announcement. The Fed is expected to cut rates by 0.25%.
USD/JPY hourly chart analysis
In the near term future, the pair will react to the major fundamental events. However, watch the round exchange rate levels that could act as support and resistance, cause reversals and eventually reveal patterns.Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the pair is above the 100 and 200-day simple moving averages, but faces the resistance of the 154.00 level and the range that surrounds it.Higher above, note that most round levels have acted as resistance.
Read More: Technical Analysis
Traders are long
At the start of the week, Dukascopy traders positions were bullish, as open position volume was 68% long.
Meanwhile, pending orders in the 100-point range around the rate were 57% to buy.
Meanwhile, pending orders in the 100-point range around the rate were 57% to buy.