Despite having no resistance, the USD/JPY currency pair managed to raise to 107.70.
On Monday morning, the pair consolidated at the given level.
Economic Calendar
This week, there is one notable time to watch the economic calendar. At 12:30 on Thursday, a group of various US data sets will be published.
Each one of these data sets on their own can cause a move of about ten pips. Combined, the move could total to up to 30 pips. br>
USD/JPY short-term daily review
During the previous trading session, the USD/JPY currency pair touched the 200-hour SMA at 107.40. During Monday morning, the pair was trading at 107.75.
Given that the exchange rate is supported by the 55– and 100-hour SMAs near 107.65, it is likely that some upside potential could prevail in the market. In this case the rate could target the weekly R1 at 108.14.
However, if the pair fails to exceed the 107.80 level, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
On the daily candle chart, the exchange rate has gained support from the 55-day moving average near 107.70.
Daily chart
Given that the exchange rate is supported by the 55– and 100-hour SMAs near 107.65, it is likely that some upside potential could prevail in the market. In this case the rate could target the weekly R1 at 108.14.
However, if the pair fails to exceed the 107.80 level, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
Hourly Chart
On the daily candle chart, the exchange rate has gained support from the 55-day moving average near 107.70.
Daily chart
Read More: Technical Analysis
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On Monday, trader open position volume on the Swiss Foreign Exchange was 58% short. On Friday, the sentiment was 59% short.