On Friday, the USD/JPY currency pair touched the 111.50 level.
During Monday morning, the pair was trading in the 110.50 area. The pair could could use support of the 55-hour SMA and go upwards in the nearest future.
Economic CalendarThis week is expected to be relatively calm for the USD/JPY pair.
On Wednesday, the US Durable Goods Orders data will be released at 12:30 GMT.
The week will end with the US Final GDP data release on Thursday at 12:30 GMT.
Meanwhile, next week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
USD/JPY short-term daily review
On Friday, the USD/JPY currency pair touched the 111.50 level. During today's morning, the pair was testing the support provided by the 55-hour SMA near 110.20.If the given moving average holds, it is likely that some upside potential could prevail in the market, and the exchange rate could exceed the psychological level at 112.00.
On the other hand, the currency pair could consolidate between the Fibos 50.00% and 61.80%, located at 109.58 and 110.72 respectively. It is unlikely that bears could prevail, and the pair could decline below the Fibo 38.20% at 108.44.
Hourly Chart
On the daily candle chart, the currency exchange rate was recovering, and moving averages now provide technical support in the 108.00 area.
Daily chart
Read More: Technical Analysis
Sentiment slightly bearish
On Monday, 56% of open USD/JPY position volume on the Swiss Foreign Exchange was in long positions.