- SWFX market sentiment is once more 51% bullish
- Pending orders in the 100-pip range are 55% to SELL
- US Advance GDP – the most important data set
On Friday the USD/JPY traded in the same range as on Thursday. This phenomena can be explained by the fact that the currency exchange rate was expecting the most notable macroeconomic data release of the quarter. Namely, the US GDP was about to be published at 12:30 GMT.
The Census Bureau released two data simultaneously, where Core Durable Goods Orders came out less-than-expected of 0.0%.
However, Durable Goods Orders came out better-than-expected of 2.6%. Moreover, Unemployment Claims turned out to be 209K in March.
Join the US GDP webinar at 12:20 GMT
The most important macroeconomic data set of the quarter will be released today. Namely, the US Advance GDP will be published at 12:30 GMT.
The data release will be covered on the bank's live webinar platform. The cover of the data publication will begin at 12:20 GMT. However, join at 12:00 GMT to participate in the live quiz about this week's stock earnings announcements.
USD/JPY remains unchanged
Following a breakout from the steep ascending channel, the bearish sentiment failed to take the upper hand and push USD/JPY down to the 100-hour SMA and the breached wedge line near 108.75.Instead, the pair kept its position slightly above the 50.0% Fibo retracement and the weekly R3 at 109.10 on Thursday and early on Friday.
The slight tendency southwards should be maintained during the first part of the session, are bulls are gradually giving up their strong positions. Thus, the rate is likely to reach the aforementioned 108.80 area or fall even lower down to the weekly R2 at 108.50.
The remaining part of this trading day and week should be guided by the US GDP release at 1230GMT. In terms of upside potential, the Greenback could be limited by the 110.00 level.
Hourly Chart
After waiting for a rather long period of time to spot the new pattern of the daily chart, it seems that one has been noticed.
Namely, a medium term, but rather narrow ranged ascending pattern was spotted due to the recent small scale decline of the US Dollar against the Japanese Yen.
Daily chart
SWFX traders had become bullish on the USD/JPY, as 52% of open positions were long during the morning hours. However, trader set up orders were bullish with 57% of pending orders being set to buy the Greenback.
Meanwhile, the market sentiment of OANDA traders remains strongly bullish with 60% long positions. In addition, Saxo bank traders are 58% long on this pair.
Spreads (avg, pip) / Trading volume / Volatility