Yesterday, the USD/JPY currency pair consolidated in the 106.60 area.
Note that the pair is pressured by the 55-hour moving average. Thus, some downside potential could prevail.
Economic CalendarToday, the US Unemployment Claims will be released at 12:30 GMT.
On Friday, the US ISM Manufacturing PMI is scheduled to be published at 14:00 GMT.
Next week's notable scheduled events are set to start on Tuesday with the US ISM Non-Manufacturing PMI at 14:00 GMT. In addition, a minor move could be caused by the ADP Non-Farm Employment Change.
The week will end with the combined employment data release from the United States on Friday at 12:30 GMT.
04.05-08.05 Event Historical Reactions
USD/JPY short-term daily review
On Wednesday, the USD/JPY currency pair traded sideways in the 106.60 area. During today's morning, the pair maintained its consolidation.Note that the exchange rate is pressured by the 55-hour SMA near 106.70. Thus, some downside potential could prevail in the market, and the rate could target the psychological level at 106.00.
However, note that the pair is supported by the weekly S3 at 106.44. If the given level holds, it is likely that the US Dollar could continue to consolidate against the Japanese Yen in the short run.
Hourly Chart
On the daily candle chart, the rate has no technical support, as it could reach for the low level of March below the 102.00 mark.
Daily chart
Read More: Technical Analysis
Traders are short
On Thursday, 59% of trader open position volume on the Swiss Foreign Exchange was in short positions.
The sentiment had been mostly short for a week. It can be concluded that traders had gained profits during the decline.