The USD/JPY started the week's trading with a bounce off from the resistance of the hourly simple moving averages near 103.80.
In the near term future, the rate was expected to be pushed down by the SMAs and test the previous week's low levels.
Economic Calendar
This week, data releases, which could impact the USD/JPY start on Thursday. At 13:30 GMT, the weekly US Unemployment Claims are set to be published. The rate has moved only from 3.6 to 8.7 pips.
On Friday, the US Services and Manufacturing PMIs could cause a notable adjustment in the USD value. The USD/JPY had moved from 3.0 to 28.6 pips on the release since August.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term daily review
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs in the 103.80 area, it is likely that some downside potential could prevail in the market.Note that the rate could face the support level—the weekly S1 at 103.47. If the given support holds, a reversal north could occur. Otherwise, the pair could target the 103.20/103.40 area.
Hourly Chart
On the daily candle chart, the rate is trading near the 55-day simple moving average.
Meanwhile, take into account the 100-day simple moving average, the November high levels and the weekly R1 simple moving average. These levels are located from 104.53 to 104.70. The cluster of these levels could provide resistance in the case of the rate surging.
Daily chart
On Friday, on the Swiss Foreign Exchange around 54% of volume was in long positions.
At mid-day on Monday, the sentiment was 55% long.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 58% to buy.
Previously, the orders were 55% to buy.