Economic Calendar
During the upcoming week, noteworthy events start on Tuesday at 15:00 GMT, as at that time the US Institute for Supply Management Services sector Purchasing Managers Index is set to be released.
On Wednesday, at 13:15 GMT the US ADP Non-Farm Employment Change could impact the markets by revealing surprise information about the US job market. In addition, on the same day at 15:00 GMT, the JOLTS Job Opening data will show, how many jobs are open. The data indicates, how active the economy is.
Top event of the week is scheduled for Friday at 13:30 GMT. The United States employment data sets are going to impact the financial markets. The release consists of Average Hourly Earnings change, Non-Farm Employment Change and the Unemployment Rate.
USD/JPY hourly chart analysis
A potential surge would have to break the 150.65/150.90 range, before testing the resistance of the weekly R1 simple pivot point at 150.93 and the 151.00 level. Higher above, the weekly R2 simple pivot point at 151.39 and the 151.50 level could act as resistance.In the case of a Dollar decline against the Yen, the rate is set to look for support in the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 150.30. Below the technical levels, the ate would look for support in the 150.00 mark and the weekly S1 simple pivot point at 149.85.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY has managed to break the previous 2024 high level range. It appears to have found support in the 1998 high level of 147.60.However, since these events the pair has fluctuated sideways around the 150.00 mark. During the sideways trading, the rate has passed below the lower trend line of the channel up pattern that captures the 2024 surge.
Daily chart
On Friday, trader open position volume showed that Dukascopy traders were 54% short.
Meanwhile, pending orders in the 100-point range around the rate were 51% to buy the USD/JPY.