- SWFX market sentiment is 63% short
- Pending orders in the 100-pip are set to buy in 51% of all cases
- US data coming in
The US Dollar has skyrocketed against the Japanese Yen, Some of technical aspects have remained intact. However, it is still clear that the pair is set to continue its path higher.
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 data coming in
On Thursday the main event for the US data releases this week will take place. Namely, join for the webinar at 12:20 GMT to see the coverage of the US CPI and Core CPI, which will be out at 12:30 GMT.
USD/JPY continues to gain
The US Dollar has jumped against the Japanese Yen in the second part of Wednesday's trading session. The jump resulted in the pair suddenly being above the upper trend line of a medium term ascending pattern.It was immediately noticed that the rate had begun to use the resistance of the medium pattern as support by midnight.
However, note that a rather week ascending pattern was drawn on Thursday. In addition, as the pair faces no other resistance but the upper trend line of the new junior pattern, it is highly possible that a rise of the US Dollar is set to continue soon.
Hourly Chart
On the daily chart it can be seen also that the dominant support was passed. However, it depends on the way one charts. If the low levels of the candles are sued for the drawing of the lower trend line, then it can be seen that the support line is a part of the 110.20 support cluster, which is yet to be reached.
Daily chart
Swiss Foreign Exchange bearish sentiment has continued to grow. Namely, 63% of open positions were short, compared to 55% of open positions on Monday.
In addition, 55% of trader set up orders are set to buy the US Dollar against the Japanese Yen.
It could be clearly observed that the bulls have closed their long positions. Instead the retail sector has decided to short the pair.
OANDA traders have become 57% bearish. The sentiment of the brokerage has been gradually going to the bearish side during this week.
Meanwhile, Saxo Bank traders are still almost neutral, as 51% of open positions were short on Thursday.
Spreads (avg, pip) / Trading volume / Volatility