Since Friday morning hours, the USD/JPY has been testing the 100-hour moving average near 103.70.
If the given resistance holds, the pair could bounce off and target the 103.30 mark.
Economic Calendar
On Friday, the US Services and Manufacturing PMIs could cause a notable adjustment in the USD value. The USD/JPY had moved from 3.0 to 28.6 pips on the release since August.
Next week is going to be relatively calm in regards of the economic calendar.
Most of notable events are expected from the United States. Namely, on Wednesday, January 27, the Federal Reserve is going to unveil its monetary policy plans by publishing the FOMC Statement at 19:00 GMT.
On Thursday, January 28, the US Advance GDP data is set to be released at 13:30 GMT. Also, the US Unemployment Claims data will be published at the same time.
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 today's morning hours, the USD/JPY currency pair has been testing the 100-hour SMA near 103.70.If the predetermined resistance holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate could target the psychological level at 103.30.
In the meantime, note that the currency pair could gain support from the 55-hour moving average near 103.60. Thus, some upside potential could prevail in the market, and the pair could try to exceed the weekly PP at 103.94.
Hourly Chart
On the daily candle chart, the rate is under pressure of the 55-day moving average near 104.00
Therefore, we can assume that the rate could decline in the medium term. Note that the rate could gain support at the 103.00 area.
Daily chart
On Friday, on the Swiss Foreign Exchange around 57% of volume was in long positions.
On Thursday, the sentiment was 55% long.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 51% to sell.