Economic Calendar
On Thursday, the Institute for Supply Management will publish the Seervices 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 move above 146.50 is set to result in the rate facing the 147.00 mark and afterwards the 148.00 level. Both of these levels have acted as support and resistance during August. In addition, resistance could be provided by the weekly R2 simple pivot point at 147.99.In the case of a decline, the rate has a lot of support to use. First, note the weekly R1 simple pivot point at 145.07 and the 145.00 mark. Below these levels, there is the 144.40/144.65 range. Further below, the 50, 100 and 200-hour simple moving averages are set to act as support near the weekly simple pivot point and the 143.50 level.
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 hsa found support in the early August low level at 141.75. In general, prior levels reveal where support and resistance are located at.This week, the pair has passed above the 50-day SMA and is once again heading for the 146.50 mark.
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 71% 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 71% long and pending orders were 50% to buy and sell.