The USD/JPY currency pair breached the symmetrical triangle pattern.
Given that the pair is pressured by the 55-, 100- and 200-hour SMAs, some downside potential could prevail.
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
Yesterday, the USD/JPY currency pair breached the symmetrical triangle pattern south.Given that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages in the 103.80 area, it is likely that some downside potential could continue to prevail in the market. Note that the nearest support level—the weekly S2, is located at 103.06.
In the meantime, it is unlikely that bulls could prevail in the market in the nearest future, and the currency pair could exceed the weekly PP located at the 103.94 mark.
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 104.58 to 104.75. The cluster of these levels could provide resistance in the case of the rate surging.
Daily chart
Since Wednesday, on the Swiss Foreign Exchange around 55% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 69% to buy.