Economic Calendar
Next week, notable events start on Tuesday. At 14:00 GMT, the ISM Manufacturing PMI data is set to be published and might impact the US Dollar.
On Wednesday, at 14:00 GMT, the US JOLTS Job Openings could impact the market via an adjustment of the value of the US Dollar.
On Thursday, at 12:15 GMT, the ADP Non-farm Employment Change might cause a move.
However, the top employment data publication of them all will happen on Friday. At 12:30 GMT, the US official monthly employment data sets will be published.
USD/JPY hourly chart analysis
The ongoing surge of the USD/JPY currency pair is expected to encounter resistance in the 146.25/146.50 zone, before continuing on higher and facing potential resistance of other round exchange rate levels.In the meantime, a potential decline of the currency pair is set to look for support in the 145.00 mark and the combination of the 50, 100 and 200-hour simple moving averages and the lower trend line of the channel up pattern.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the decline is over, as indicated by the breaking of the channel down pattern. A rush to the safety of the US Dollar appears to be stronger than the momentum of the strengthening of the Yen.Read More: Technical Analysis
Traders are bullish
Since Monday, Dukascopy traders positions were bullish, as open position volume was 67% long.
Meanwhile, pending orders in the 100-point range around the rate were 86% to sell on Monday.
By mid-Wednesday, orders were 55% to buy.
On Friday, open position volume was 65% long and pending orders were 73% to buy.
Meanwhile, pending orders in the 100-point range around the rate were 86% to sell on Monday.
By mid-Wednesday, orders were 55% to buy.
On Friday, open position volume was 65% long and pending orders were 73% to buy.