- The Swiss traders are 54% bearish on the USD/JPY
- Trader pending orders in the 100-pip range are 57% to buy
- US elections on Tuesday overshadow all fundamentals
Prior to the US elections the USD/JPY declined. Although, the results of the elections still are set to be announced and impact the pair.
Latest Fundamental Event
The Bureau of Labor Statistics released US Unemployment Rate that came out in line with expectations of 3.7%. The Non-Farm Employment Change together with the Average Hourly Earnings m/m data release came out also at 12:30 GMT.
The Bureau of Labor Statistics noted: "Total nonfarm payroll employment rose by 250,000 in October, and the unemployment rate was unchanged at 3.7 percent. Job gains occurred in health care, in manufacturing, in construction, and in transportation and warehousing".
No notable data releases for USD/JPY this week
All of this week's events, which are worth mentioning, are described below
On Tuesday, the US Congressional Elections are taking place. They will impact all of the financial markets through the US Dollar.
On Wednesday, some traders will speculate on the publication of the weekly Crude Oil Inventories at 15:30 GMT. The event will be covered on a live webinar by Dukascopy Analytics.
In addition, on the same day the New Zealand's central bank will announce their Official Cash Rate at 20:00 GMT
On Thursday, the US Federal Reserve's Federal Open Markets Committee will publish their statement and announce the Federal Funds Rate at 19:00 GMT. The event will also be covered on a live webinar by Dukascopy Analytics.
On Friday, at 09:30 GMT the UK GDP and Manufacturing Production data sets will be published. Afterwards, at 13:30 GMT US Producers Price Index will be out. Both events will be covered by Dukascopy Analytics.
USD/JPY short term analysis
In regards to the near-term future, most likely, the US Dollar will keep appreciating against the Japanese Yen to push the rate to surge towards the weekly R1 at the 113.81 mark.On the other side, the US Dollar could depreciate against the Japanese Yen during today's US Congressional Elections to pass through the support of the pattern line.
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
55% of Swiss Foreign Exchange short term oriented traders are shorting the USD/JPY. The sentiment remained unchanged since Monday.
Meanwhile, traders have set up various pending trade orders. Namely, 51.48% of trader set up orders are set to buy.
After the recent decline, the buy orders have disappeared. That was the only new information in regards to the trader sentiment.