On Tuesday morning, the rate retraced back up and confirmed that the weekly simple pivot point is capable of acting as resistance, due to the pair bouncing off it and declining. At mid-day on Tuesday, the pair was finding support in the weekly simple pivot point at 114.74.
Economic Calendar
At 15:00 GMT on Tuesday, the US Institute for Supply Management Purchasing Managers Index survey results for the Manufacturing sector will reveal the outlook of the managers in the economy sector on the near term future.
On Wednesday, at 13:15 GMT the ADP Non-Farm Employment change might create a move on all assets and pairs that are traded against the US Dollar.
On Thursday, the US Unemployment Claims might create a minor move of the USD at 13:30 GMT. Later on, expect the US ISM Services PMI to impact the USD at 15:00 GMT.
The week's most notable event will close the week. Namely, on Friday, at 13:30 GMT the US Employment data sets are set to be published. The release will consist of three numbers - the Average Hourly Earnings change month-on-month, the Non-Farm Employment Change during the month and the Unemployment Rate in February.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
If the US Dollar declines against the Japanese Yen below the weekly S1 simple pivot point at 114.74, the rate could look for support in the February low level zones at 114.40/114.50 and 114.15/114.20.On the other hand, a surge of the pair might encounter resistance in the 115.00 mark, the weekly simple pivot point and the 50, 100 and 200-hour simple moving averages in the 115.00/115.30 range. Higher above, note the resistance zone at 115.70/115.80.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate needs to pass the 2022 high level zone at 116.10/116.35.Most recently, it appeared that the currency exchange rate retraced to the support of the 50-day simple moving average near 115.00 and the 100-day moving average near 114.50.
Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were short, as 72% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 62% to buy the USD against the JPY.
On Monday, 74% of open position volume was in short positions. In the meantime, the pending orders were 54% to buy.