On Friday, the USD/JPY broke the resistance of the 110.00 mark and touched the 110.20 level. However, a surge did not follow, as the rate declined. On Monday, the rate was located near the 109.70 level.
Economic Calendar
There is one major notable event to watch this week. The US Employment data sets on Friday at 12:30 GMT are most likely going to impact the USD/JPY currency exchange rate.
Namely, the release of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate have caused USD/JPY moves from 21.1 to 66.4 pips since January.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
In the case of the rate declining in the near term future, the pair could reach for the support of the weekly simple pivot point at 109.56. Below this level, the pair could reach for the 100-hour simple moving average at 109.37.On the other hand, a potential surge could once again encounter resistance at 110.00 and afterwards the 110.20 mark.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate is surging after finding support in the 50.00% Fibonacci retracement level at 108.57. In the meantime, the resistance of the 110.00 mark is being strengthened by the 61.80% Fibonacci retracement level.Daily chart
On Monday, traders on the Swiss Foreign Exchange were 65% short on USD/JPY, as 65% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were neutral, as 50% were to buy and to sell.