Economic Calendar
This week, the market could move due to a couple of scheduled macroeconomic data releases.
On Tuesday, the US Institute for Supply Management Manufacturing Purchasing Managers Index could move the markets via the US Dollar at 14:00 GMT. However, at the same time, the JOLTS Job Openings numbers will be out. The two releases can double their impact or cancel one another.
On Wednesday, the US Dollar could adjust to the publication of the ADP Non-Farm Employment Change at 12:15 GMT.
On Thursday, the Institute for Supply Management will publish the Services sector Purchasing Managers Index at 14:00 GMT. Large deviation from the forecast could cause a USD move.
The top event of the week is scheduled for Friday. At 12:30 GMT, the US monthly employment data sets will be published. The release consists of the Average Hourly Earnings change, the Non-Farm Employment Change and the Unemployment Rate.
USD/JPY hourly chart analysis
A potential recovery of the US Dollar against the Yen is set to face a cluster of technical levels near 143.50. Near that level the 50, 100 and 200-hour simple moving averages are located together with the weekly simple pivot point. If these levels do not provide resistance, the next target would be first the 144.50 level and then the 145.00 mark that is supported by the weekly R1 simple pivot point.On the other hand, a decline below 141.70 might result in the rate finding support at three levels. Firstly, note the weekly S1 simple pivot point at 140.65. Second is the 140.30/140.35 range, and last but not the least take into account the 139.60/139.70 zone.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the pair has encountered resistance in the late August high level near 146.50. The follow-up bounce off the resistance has found support in the early August low level at 141.75. In general, prior levels reveal where support and resistance are located at.In the near term future, the pair is expected to face the 50-day simple moving average that might force the rate into the major support zone at 137.30/140.30.
Read More: Technical Analysis
Traders remain long
On Monday, Dukascopy traders positions were bullish, as open position volume was 74% long.
Meanwhile, pending orders in the 100-point range around the rate were 50% to buy and sell.
On Wednesday, open position volume was 72% long and pending orders were 50% to buy and sell.
Meanwhile, pending orders in the 100-point range around the rate were 50% to buy and sell.
On Wednesday, open position volume was 72% long and pending orders were 50% to buy and sell.