Since Wednesday, the USD/JPY currency pair has been consolidating in the 105.60 area.
It is likely that the pair could maintain its consolidation in the short run.
Economic Calendar
The first week of August is going to be relatively busy on the economic calendar.
On Thursday, the US Unemployment Claims data is going to be published at 12:30 GMT.
On Friday, the US Employment data set release could be in the spotlight. The release is scheduled to 12:30 GMT.
Click on the link below to find out more about the data releases.
USD/JPY short-term daily review
On Wednesday, the USD/JPY currency pair consolidated at 105.60. During today's morning, the pair maintained its consolidation.From the one hand, it is likely that the exchange rate could be pushed down by the 55-hour SMA near 105.70. In this case the rate could target the weekly S1 at 104.70.
From the other hand, it is likely that the currency pair could gain support from the weekly PP and the 200-hour SMA at 105.41. Thus, it is likely that the pair could consolidate.
Hourly Chart
On the daily candle chart, the rate continues to trade downwards, guided by the descending channel.
It is likely that the pair could gain support from the monthly S2 at 104.18.
Daily chart
On Thursday, on the Swiss Foreign Exchange 51% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range were 72% to buy.