The resistance levels near the 103.00 mark failed, and the USD/JPY recovered. By the middle of Thursday's GMT trading hours, the currency exchange rate had reached the 103.70 level.
In the near term future, the rate was expected to test the resistance of a weekly simple pivot point at the 103.82 level.
Economic Calendar
On Wednesday, the FOMC Meeting Minutes are set to be released at 19:00 GMT. Expect a minor move from 3.7 to 7.3 pips. Note that there was an anomaly of 10.5 pips in August.
On Thursday, at 13:30 GMT, the US Unemployment Claims could cause a minor move on USD pairs and assets. In addition, on the same day, at 15:00 GMT the US ISM Non-Manufacturing PMI results will be published.
The releases have caused moves, respectively, from 5.6 to 8.7 and 6.1 to 16.0 base points.
The week will end with the release of three US employment data sets. The releases will occur on Friday at 13:30 GMT. This event has caused moves from 10.4 to 26.3 pips since August.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term daily review
It is likely that the exchange rate could face the resistance level—the weekly R1 at 103.82 and reverse south in the nearest future. In this case the rate could gain support from the weekly PP and the 200-hour SMA in the 103.25/103.40 range.In the meantime, if the predetermined resistance level does not hold, the currency pair could target the psychological level at 104.20 in the short term.
Hourly Chart
On the daily candle chart, note that the 104.00 level was set to soon be strengthened by the resistance of the 55-day simple moving average. Previously, the rate reversed its surges, as soon as it approached the simple moving average.
Daily chart
On Thursday, on the Swiss Foreign Exchange around 71% of volume was in long positions.
At mid-day on Wednesday, the sentiment was 74% long.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 72% to sell.
Previously, 55% of orders were to buy.