After finding additional support the USD/JPY making more attempts to pass the 110.00 level. In general, we expect that the 110.00 mark will be broken.
Above the 110.00 level there are no resistance levels as high as the 110.50 level.
The Bureau of Labor Statistics released Non-Farm Employment Change data better-than-expected of 304K compared to forecast 165K. Note, that the Average Hourly Earnings and the Unemployment Rate were released at the same time with the Non-Farm Employment Change.
The U.S. Bureau of Labor Statistics reported on Friday: "The labor force participation rate, at 63.2 percent, and the employment-population ratio, at 60.7 percent, changed little over the month; both measures were up by 0.5 percentage point over the year."
No data relevant to the USD/JPY during the week
There are various minor data releases scheduled for this week, which are unlikely going to influence the USD/JPY. However, there are two notable events to watch and/or trade.The Bank of England rate announcement is scheduled for Thursday. The rate announcement and the results of the central bank's monetary policy vote will be published at 12:00 GMT.
Another notable event during this week will be the Canadian Employment data release on Friday at 13:30 GMT.
Both of these events are scheduled to be covered by Dukascopy Analytics on our Dukascopy Webinars YouTube channel. The streams start ten minutes before the data release.
For more detailed info and a chance to ask questions watch the weekly calendar analysis by clicking on the link below.
USD/JPY short term daily review
During the previous trading session, the rate was supported by the 100-hour simple moving average to break the resistance of the 55-hour simple moving average. On Thursday morning, the rate was located at the weekly R1 at the 110.01 mark.In regards to the near-term future, most likely, the simple moving averages together with the support of the weekly R1 will push the currency exchange rate towards the weekly R2 at the 110.50 mark.
On the other hand, the rate could break the resistance of the weekly R1 at 110.01 to trade sideways at the 110.20 level for the rest of the trading session.
Hourly Chart
Another descending pattern on the daily chart has been broken. In general, it is not a surprise, as the rate has been breaking one declining pattern after another.It is due to the fact that the rate's fall previously was too sharp. The rate is heading to the daily simple moving averages, which are located at the 110.00 mark.
Meanwhile, watch the resistances near the 110.00, 110.50 and 111.00 levels. Around these levels there is likely going to be action.
Daily chart
Traders of the Swiss Foreign Exchange remain almost neutral on the pair. 53% of trader open positons were long on Thursday.
Meanwhile, trader set up pending orders - stop losses, take profits and position open orders in the 100-pip range were set to buy. 56% of orders were set to buy in that range. The proportion had not changed since Wednesday.
Traders are still waiting for buy signals to open long positions.