Economic Calendar
Notable events start on Tuesday. At 14:00 GMT, the ISM Manufacturing PMI data is set to be published and might impact the US Dollar.
On Wednesday, at 14:00 GMT, the US JOLTS Job Openings could impact the market via an adjustment of the value of the US Dollar.
On Thursday, at 12:15 GMT, the ADP Non-farm Employment Change might cause a move.
However, the top employment data publication of them all will happen on Friday. At 12:30 GMT, the US official monthly employment data sets will be published.
USD/JPY hourly chart analysis
A potential decline of the pair is expected to result in the pair looking for support in the 146.25/146.50 range. Below this range, the 50-hour simple moving average could provide additional support, before the rate reaches the lower trend line of the channel up pattern.In the case of a resumption of the surge, the pair would have to break the resistance of the 147.00 mark, the weekly simple pivot point and the upper trend line of the channel pattern. If the rate surges, it could do so by breaking the two first levels, but still respecting the pattern's trend line. Higher above, the pair will face resistance in the form of the weekly R2 simple pivot point at 148.07, the 148.00 level and the range that surrounds it.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the decline is over, as indicated by the breaking of the channel down pattern. A rush to the safety of the US Dollar appears to be stronger than the momentum of the strengthening of the Yen.Read More: Technical Analysis
Traders are bullish
On Monday, Dukascopy traders positions were bullish, as open position volume was 67% long.
Meanwhile, pending orders in the 100-point range around the rate were 56% to buy.
On Friday, open position volume was 65% long and pending orders were 73% to buy.
Meanwhile, pending orders in the 100-point range around the rate were 56% to buy.
On Friday, open position volume was 65% long and pending orders were 73% to buy.