Economic Calendar
This week, the financial markets could be moved by fundamental data releases starting from Tuesday. On that day, the JOLTS Job Openings data could impact the value of the US Dollar.
On Wednesday, the top event of them all is set to take place. The release of the US Federal Reserve Federal Funds Rate and the FOMC Statement at 19:00 GMT. Afterwards, at 19:30 GMT, the head of the Federal Reserve Jerome Powell is set to host a press conference.
Note that the ADP Non-farm Employment Change publication is also scheduled for Wednesday. It is most likely that I won't cause an impact, as the markets will wait for the Fed rate.
On Thursday, the US ISM Manufacturing Purchasing Managers Index is set to be published at 15:00 GMT. A big deviation from the forecast could cause a market reaction
On Friday, at 13:30 GMT, the US Employment data sets will be released and they are set to impact the market. The release consists of Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings month on month difference.
USD/JPY hourly chart analysis
The surge of the Dollar against the Japanese Yen is set to face resistance of the 148.50 level and the 148.50/148.80 range. In addition, the upper trend line of the range is crossing the resistance range. Above these levels, note the 149.00 mark and the weekly R1 simple pivot point at 149.01.On the other hand, a decline below the moving average, the weekly simple pivot point and the lower trend line of the wedge could look for support in the 147.50 mark. Further below, note the major support range at 146.65/147.10 and the weekly S1 simple pivot point.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY rate is above the 100-day simple moving average and the 1998 high of 147.60. Both of these levels appear to be acting as support.Daily chart
On Monday, trader open position volume showed that Dukascopy traders were 72% long.
Meanwhile, pending orders in the 100-point range around the rate were 58% to buy the USD/JPY.