Economic Calendar
Fundamental data from the United States could bring higher price moves to USD/JPY this week.
Jobless claim and Manufacturing PMI are the only significant fundamentals this week which would possibly have any impact on the FX rate.
USD/JPY hourly chart analysis
The previous week steady price move to the upside, with the currency pair closing above the 157.000 price level. Forward momentum may continue, considering that the 50-period, 100-period, and 200-period simple moving averages are all below the current price.If a decline in price occurs due to unexpected macroeconomic data, the 155.830 to 154.690 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 between the 200-day and 100-day SMAs. The current price also represents the 38.2% Fibonacci retracement level, considering the price increase from mid-September as the entry point. Further price discovery towards 160.000 is possible if the 156.000 price level is broken, with 160.000 being the next target.
Read More: Technical Analysis
Traders increase their long positions
Currently, traders' sentiment suggests majority of traders are bullish for USD/JPY, with more than 70% of traders who opted to trade the pair being long, while the remaining are short. This indicates an increase in bullish sentiment for the USD/JPY currency pair.
Currently, traders' sentiment suggests majority of traders are bullish for USD/JPY, with more than 70% of traders who opted to trade the pair being long, while the remaining are short. This indicates an increase in bullish sentiment for the USD/JPY currency pair.