- SWFX market sentiment is 71% bullish
- Pending orders in the 100-pip range are 59% to BUY
- Minor data release
The USD/JPY currency exchange rate continues to push higher as it reaches a three-week high.
The Automatic Data Processing, Inc. revealed better-than-expected data in the US non-farm employment data in March.
Employment in private sector increased by 241,000, continuing the momentum in the Q1 2018, adding more jobs per month than on average in 2017, said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
He added that the manufacturing sector increased in its strongest pace during the last three years.
Minor data release
Today might remain relatively calm as there no major US data releases. However, traders and investors await the US Non-Farm Employment change scheduled for tomorrow the April 6th.
Meanwhile, The Dukascopy research term will do the coverage of the UK service PMI scheduled at 8:30 GMT on bank live webinar.
USD/JPY continue to maintain a narrow ascending channel
The US Dollar continues moving in a narrow ascending channel against the Yen. The pair's movement during this time has been supported by the 55-, 100– and 200-hour SMAs. The pair even breached the prevailing two-month channel down and reached its three-week high of 107.00 by early Thursday.It is likely that the Greenback tries edging higher during the following hours, setting the weekly and monthly R1s circa 107.50 as a possible upside target. However, it seems that bulls might soon exhaust their pressure and therefore allow the bearish sentiment to take over the market once again.
In line with this scenario, the rate should return near the support of the 55– and 100-hour SMAs or, in case this level is breached, the weekly and monthly PPs and the 200-hour moving average near 106.00.
Hourly Chart
The USD/JPY currency pair has breached the 23.60 daily Fibonacci retracement level at 106.76.
Daily chart
SWFX traders are still on the long side, as 71% of open positions were bullish during the morning hours. Moreover, trader set up orders remain bullish, as 59% of trader set up orders were to buy the US Dollar in favour to the Japanese Yen.
Meanwhile, the market sentiment of OANDA traders remains strongly bullish with 67% long positions. In addition, Saxo bank traders are 56% bullish in regards to this pair.
Spreads (avg, pip) / Trading volume / Volatility