The US Dollar fell by 49 pips or 0.45% against the Japanese Yen on Monday. The currency pair was pressured lower by the 55– hour simple moving average during Monday's trading session.
Economic Calendar
On Wednesday, at 14:00 GMT, the US ISM Non-Manufacturing PMIs is set to be released. The rate has moved 7.8 to 20.4 pips on the release.
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
The rate has moved from 21.1 to 66.4 pips on the announcement.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
The exchange rate is currently trading near the lower line of a descending channel and could be set for a breakout.If the breakout occurs, sellers are likely to target the weekly S2 at 108.66 within this session.
However, if the channel pattern holds, the currency exchange rate might edge higher during the following trading session.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, on Friday, it appeared that the USD/JPY had passed the support of the 100-day simple moving average, which kept the rate up since the middle of July.Next notable support on the daily candle chart is the 50.00% Fibonacci retracement level at the 108.00 level.
Daily chart
On Monday, traders on the Swiss Foreign Exchange were 62% short on the USD/JPY currency pair.
On Tuesday, 64% of open position volume was short.
Meanwhile, SWFX traders set up pending orders in the 100-pip range around the currency exchange rate were 38% to sell and 62% to buy.