- The Swiss traders are 56% bearish on the USD/JPY
- Trader pending orders in the 100-pip range are 56% to buy
- US Employment will impact the rate on Friday
On Friday, prior to the US Employment data set announcement the USD/JPY traded near the 113.00 level
Latest Fundamental Event
Last Friday, the US Bureau of Economic Analysis released US Advance GDP data that came out better than expected of 3.5%, compare to forecasted 3.3%.
The Bureau of Economic Analysis noted: "The deceleration in real GDP growth in the third quarter reflected a downturn in exports and a deceleration in non-residential fixed investment. Imports increased in the third quarter after decreasing in the second. These movements were partly offset by an upturn in private inventory investment".
Friday has finally come with US data
At 12:30 GMT the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released. The data will be covered by Dukascopy Analytics. The event can be watched on the bank's webinar platform and on YouTube.
USD/JPY short term analysis
In regards to the near-term future, most likely, the currency exchange pair will trade sideways in the range between the 61.80 % Fibo and the weekly R2 at the 113.56. It is expected that the SMA will try to help the rate to surge to 113.40.On the other side, the US Dollar might depreciate during today's US Employment data sets release at 12:30 GMT to push the rate to trade downwards to 112.60 level.
Hourly Chart
The daily chart's dominant ascending pattern has been adjusted. Although, judging by the previous usefulness of it, it is better not to use its trend lines for guidance.
Daily chart
On Friday, the bearish USD/JPY sentiment had decreased from 59% to 56%.
Meanwhile, traders have set up various pending trade orders. The orders were almost perfectly balanced, as 50.52% of orders were to buy.
The retail sector has been closing down their short positions throughout the last couple of trading sessions.