The 104.20 mark, which was reached on Thursday, stopped the USD/JPY recovery. The event was followed by a decline back down to the 103.80 level.
Since Thursday's late trading hours, the rate has been trading almost sideways near the mentioned level.
Economic Calendar
On Monday, the US PMIs are set to be released at 14:45 GMT. Previously, the event did not cause adjustments in the USD value. However, in the most recent past the situation has changed.
Another day to watch the Economic calendars will be Wednesday. At 12:30 GMT the usual US weekly Unemployment Claims are set to grab the attention of the financial media despite the event not moving the markets. At the same time, the US Preliminary GDP is set to be published. This event also, despite being on the headlines, has not caused notable market moves.
At 19:00 GMT, the US FOMC Meeting Minutes are scheduled to be published. Do not expect an immediate reaction of the markets, as the Meeting Minutes is not a statistics number, but a pdf document that contains clues on the future of the US monetary policy.
Its impact is gradual, as various market participants make their trades based upon how they interpret the information in the document. Quite often, the same text or even word is interpreted differently by various market participants. What matters is whether bullish or bearish views dominate after the publication.
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
It is likely that some downside potential could prevail in the market as the exchange rate is pressured by the 55-hour moving average near 108.90. Note that the nearest support level—the weekly S1, is located at 103.39.In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the resistance formed by the 200-hour moving average and the weekly PP near 104.60.
Hourly Chart
On the daily candle chart, the rate has once again passed the broken support of the descending triangle pattern.
In regards to the long term future, the rate could aim at the low level of 102.00, which was reached in March.
Daily chart
On Thursday, on the Swiss Foreign Exchange 60% of volume was in long positions.
By the middle of Friday's GMT trading hours, the sentiment was 61% long.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 63% to buy the pair.