- SWFX market sentiment is 54% bullish
- 54% of pending orders in the 100-pip are to SELL
- US FOMC Member Bostic Speaks
The recent decline of the Greenback against the Japanese Yen is still being seen as a temporary junior move in the borders of a larger dominant ascending channel.
The Bureau of Labor Statistics released three data simultaneously from which two of them: Non-Farm Employment Change data and Average Hourly Earnings data came out lower-than-expected of 164K and 0.1% respectively.
However, Unemployment Rate data came out better-than-expected of 3.9% instead of the 4.0% forecast, it was not enough to stop the currency to go upwards.
Minor US data releases
This weeks is likely to begin relatively calm for the currency exchange rate, as this session includes only minor fundamental events.
The Federal Open Market Committee member Bostic is schedule to speaks at 12:25 GMT later today.
USD/JPY started to appreciate
The US Dollar has been trading in a narrow channel down against the Japanese Yen since May 2. This channel is being considered as a temporary retracement from the upper border of a dominant pattern.After reaching the lower boundary of the dominant ascending channel, the currency pair began to appreciate. As a result, the pair has breached the 50.00% Fibonacci retracement level.
The USD/JPY currency exchange rate is likely to continue moving north until it encounters a resistance level set by either the 200– hour SMA or the 100– hour simple moving average.
Hourly Chart
On the daily chart one can add additional information to understand the recent decline of the currency pair. Namely, draw a long term ascending channel pattern on the daily chart.
By doing that one can see that the pair recently broke the previously active channel up, this represented a junior surge in the borders of the mentioned dominant pattern.
Daily chart
SWFX traders are increasingly bullish on the US Dollar, as 54% of open positions were long during the morning hours. Set up orders are bearish with 54% of them being set to sell the Greenback.
The market sentiment of OANDA traders is strongly bullish with 59% of them holding long positions. In addition, the number of long positions of Saxo bank traders is 58%.
Spreads (avg, pip) / Trading volume / Volatility