- SWFX market sentiment is 52% long
- Pending orders in the 100-pip are neutral
- Busy Thursday for US data releases
On Thursday the USD/JPY currency pair revealed a medium term ascending pattern. The reveal was expected since yesterday and provides new reference points for charting.
The Automatic Data Processing released the monthly US ADP Non-Farm Employment Change data that came out lower-than-expected of 177K, compare to forecasted 191K.
"Business' number one problem is finding qualified workers. At the current pace of job growth, if sustained, this problem is set to get much worse. These labor shortages will only intensify across all industries and company sizes.", said Mark Zandi, Moody's Analytics' chief economist.
US Employment data sets
The week will end with the US monthly employment data package being released at 12:30 GMT. However, it will be a part of a larger webinar.
Namely, Dukascopy Analytics will host an hour long webinar with three topics. First will be the presentation of a Twitter stock review article. Second will follow the data release of the US data sets. Third and concluding will be the presentation of the latest technical analysis tool article.
The event will start at 12:00 GMT on the bank's live webinar platform.
USD/JPY trades horizontally
There are almost no changes on the USD/JPY currency exchange rate's hourly chart. Namely, the pair has traded sideways while being supported by the 55-hour SMA and being restricted from surging by the 100-hour SMA.However, note that the 100-hour simple moving average was pierced on early morning of Friday's trading session.
In general, the rate is set to continue trading sideways until it reaches the additional support of the 200-hour SMA and the lower trend line of the medium term ascending pattern.
Hourly Chart
The daily chart provides additional information. Namely, it was the support line of the previously pierced ascending long term pattern, which stopped the decline experienced on Wednesday.
However, the close by location of various support levels just below the lower trend line of the ascending pattern might have strengthened the trend line.
Daily chart
On Friday the Swiss market sentiment remained slightly bullish. Namely 53% of open positions were long.
Meanwhile, the pending orders have become neutral.
It could be clearly observed that the bulls dominated slightly. However, the neutral pending orders indicates that there won't be a sudden bounce to the upside or downside in the currency rate in the near future.
OANDA traders have become 54% bullish, compared to the neutral sentiment previously.
Meanwhile, Saxo Bank traders are 51% bullish.
Spreads (avg, pip) / Trading volume / Volatility