The USD/JPY currency pair remains to be below the 55-hour moving average near 104.90.
Thus, it is likely that some downside potential could prevail in the market.
Economic Calendar
Wednesday is a major day for other data releases. Throughout the whole day the Markit institute is set to publish Manufacturing and Services Purchasing Managers Indices. The indices are the result of a major survey of firm representatives.
At 13:45 the US PMIs will be released.
On Thursday, as accustomed, at 12:30 GMT, the US weekly Unemployment Claims could cause a move.
The week will end with a possible minor move from the US Durable Goods Orders at 12:30 GMT.
Click on the link below to find out more about the data releases.
USD/JPY short-term daily review
On Thursday, the USD/JPY currency pair declined to the 104.60 level. During today's morning, the pair declined below the given level.Given that the exchange rate is pressured by the 55-hour moving average near 104.90, it is likely that some downside potential could prevail in the market. Note that the nearest support level—the monthly S2, is located at 104.08.
In the meantime, it is unlikely that bulls could prevail in the market, and the rate could exceed the weekly S2 at 105.52 within the following trading session.
Hourly Chart
On the daily candle chart, the pair has passed the August low level of 105.10. Next low level, which could provide support was the July low level of 104.20.
Daily chart
On Friday, traders of the Swiss Foreign Exchange were neutral, as 50% of all open position volume was in short positions.
Previously, the sentiment was 52% short.
Meanwhile, trader set up pending orders in the 100-pip range were 77% to buy.