After the sharp surge that was experienced on Monday, the USD/JPY currency exchange rate began to trade between the resistance of the 100-hour SMA and the support of the 55-hour simple moving average.
On Tuesday morning, the SMAs were located at 104.70 and 104.50.
Economic Calendar
Wednesday is a major day for other data releases. Throughout the whole day the Markit institute is set to publish Manufacturing and Services Purchasing Managers Indices. The indices are the result of a major survey of firm representatives.
At 13:45 the US PMIs will be released.
On Thursday, as accustomed, at 12:30 GMT, the US weekly Unemployment Claims could cause a move.
The week will end with a possible minor move from the US Durable Goods Orders at 12:30 GMT.
Click on the link below to find out more about the data releases.
USD/JPY short-term daily review
Yesterday, the USD/JPY currency pair tested the 100-hour moving average near 104.80. During Tuesday morning, the pair continued to test the given moving average.Hourly Chart
Since Monday, traders of the Swiss Foreign Exchange were long, as 57% of all open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range were 52% to buy.
The orders were 74% to buy on Monday.