The USD/JPY has passed the simple moving averages and the weekly pivot point. By the middle of Wednesday's trading hours, the USD/JPY had almost reached the lower trend line of the triangle pattern.
In the meantime, the previously passed simple moving averages were providing resistance near the 103.80 level.
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
The USD/JPY currency pair continues to move within the symmetrical triangle pattern.From a theoretical perspective, it is likely that the exchange rate could continue to trade sideways within the predetermined pattern within the following trading session.
In the meantime, note that the rate is pressured by the 55-, 100– and 200-hour SMAs in the 103.80/103.90 range. Thus, a breakout south could occur, and the pair could target the weekly S1 at 103.47.
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
On Tuesday, on the Swiss Foreign Exchange around 53% of volume was in long positions.
At mid-day on Wednesday, the sentiment was 55% long.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 52% to buy.
Previously, the orders were 53% to sell.