Economic Calendar
No significant volatility is expected, considering that medium-impact fundamental data are being presented to the global market.
USD/JPY hourly chart analysis
The previous week saw significant momentum to the upside, with the currency pair reaching above the 157.7500 price level. A slight pullback occurred at the 157.7500 level. Forward momentum may continue, considering that the 100-period and 200-period simple moving averages are both below the current price.
If a decline in price occurs due to unexpected macroeconomic data, the 154.6900 to 154.0000 range could be considered the initial support zone for further price discovery.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candlestick chart, the current price of USD/JPY is trading above the 50-day, 200-day and 100-day SMAs. Further price discovery towards 160.000 as the next resistance level can be considered.
Read More: Technical Analysis
Traders are sitting in long positions
Currently, traders' sentiment suggests that 68.50% of traders who opted to trade USD/JPY are long, while the remaining 31.50% are short. Compared to the previous week, this indicates an increase in bullish sentiment for the USD/JPY currency pair.
Currently, traders' sentiment suggests that 68.50% of traders who opted to trade USD/JPY are long, while the remaining 31.50% are short. Compared to the previous week, this indicates an increase in bullish sentiment for the USD/JPY currency pair.