On Friday, the US Dollar edged higher by 40 pips or 0.35% against the Japanese Yen. The currency pair breached the 55– hour simple moving average during Friday's trading session.
Economic Calendar
Next week, on Monday, the US ISM Manufacturing PMI could cause a move. The USD/JPY has moved 9.3 to 19.4 pips on the release since March 1.
On Wednesday, at 14:00 GMT, the US ISM Non-Manufacturing PMIs is set to be released. The rate has moved 7.8 to 20.4 pips on the release.
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
The rate has moved from 21.1 to 66.4 pips on the announcement.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
As for the near future, the USD/JPY exchange rate is likely to continue to edge higher. Buyers could target the 200– hour SMA at 110.02 within the following trading session.Although, the 100– hour moving average at 109.80 could provide resistance for the currency exchange rate in the shorter term.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, on Friday, it appeared that the USD/JPY had passed the support of the 100-day simple moving average, which kept the rate up since the middle of July.Next notable support on the daily candle chart is the 50.00% Fibonacci retracement level at the 108.00 level.
Daily chart
On Friday, traders on the Swiss Foreign Exchange were 65% short on the USD/JPY currency pair.
On Monday, 62% of open position volume was short.
Meanwhile, SWFX traders set up pending orders in the 100-pip range around the currency exchange rate were 49% to sell and 51% to buy.