The USD/JPY made three attempts to pass the 112.00 level before bouncing off it. At mid-day on Friday the rate had declined and almost reached the 111.00 level.
Economic Calendar
On Friday, at 14:00 GMT a notable move could be created by the US ISM Manufacturing PMI results. The event has caused 9.3 to 19.4 pip moves.
On Tuesday, the US ISM Services PMI at 14:00 GMT could impact the value of the US Dollar and all USD currency exchange rates. The event has moved the USD/JPY from 7.8 to 35.4 base points since May 2021.
On Wednesday, the ADP Non-Farm Employment Change at 12:15 GMT might cause USD volatility. The pair has moved from 8.4 up to 27.3 pips on the release since May 2021.
On Thursday, the weekly US Unemployment Claims at 12:30 GMT might cause a minor move in the USD. The USD/JPY has moved from 3.7 to 24.7 pips on the releases that occurred in September.
On Friday, at 12:30 GMT, the US employment data sets will be out. Namely, the Average Hourly Earnings change, the Non-Farm Employment Change and the monthly Unemployment Rate are bound to impact the value of the US Dollar.
The pair has reacted to the US employment data since May 2021 with moves from 25.4 to 66.4 base points.
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
If the 111.00 level provides support, the pair might recover. A potential recovery could encounter resistance at the weekly R2 simple pivot point at 111.34, the 100-hour simple moving average at 111.42 and the 55-hour SMA at 111.61. Above these levels, the weekly R3 simple pivot point at 111.91 and the 112.00 mark would once again act as resistance.However, a decline of the USD/JPY below the 111.00 level, might result in the rate looking for support in the 200-hour simple moving average near 110.70.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY broke the resistance of the June high level.Note the zone marked above the currency exchange rate. The zone is the 2019 and 2020 high level zone. The zone is expected to provide resistance to the currency pair.
Daily chart
On Friday, on the Swiss Foreign Exchange, traders were short, as 74% of open position volume was in short positions.
On Thursday, the sentiment was 71% short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 68% to buy.