- SWFX market sentiment has become neutral
- 5% of pending orders in the 100-pip are to BUY
- Training webinars at 12:00 and 13:00 GMT
On Thursday the USD/JPY currency exchange rate had declined below the 110.00 mark. The move indicated that the currency rate was not going to pass the 110.20 mark. However, it still needed to pass the support of the 100-hour SMA at 109.80 to decline further.
The Bureau of Labor Statistics simultaneously released three data sets, where Average Hourly Earnings data that came out better-than-expected of 0.3%, compared to the 0.1% in the previous period.
Moreover, Non-Farm Employment Change data came out better-than expected of 223K, instead of economists forecast of 189K, and Unemployment Rate data came out to be less-than-expected of 3.8%.
No data releases on Thursday
First release of the week, which might have impacted the US Dollar's strength on Tuesday and subsequently all financial instruments that involve it, was also the last one.
However, there are loads of other activities to fill your time today. Namely, at 12:00 GMT Dukascopy will host an introduction to JForex webinar. During that webinar one can get perfectly familiar with the bank's trading platform.
Moreover, just after that, at 13:00 GMT, Dukascopy Analytics will host an introduction to macroeconomic data release trading webinar. Note that both webinars will have hosts that will take questions during their tutoring sessions.
USD/JPY stranded between strong levels
The Greenback gained strength against the Yen for the second consecutive session yesterday. The pair's surge was stopped by the 200-day SMA, the weekly R1 and the 61.80% Fibonacci retracement at 110.20.After failing to breach the strong resistance of these two levels and the upper boundary of a one-week channel, the rate breached a more junior pattern early today, thus erasing all Wednesday gains along the way.
Despite this being a bearish signal, the US Dollar is likely to hinder near the 100-period (4H) SMA located at 109.85. This line and the 200-day SMA at 110.20 could pressure the rate from both sides, thus limiting large gains today.
In case the current support surrenders, the subsequent decline should not exceed 109.40, while the upper daily limit is the monthly R1 at 110.80.
Hourly Chart
The rebound has met with the previously set target of the resistance cluster near the 110.20 mark. Due to that reason the rate needs to be watched closely, as it can either break the resistance and gain additional 60 base points or decline back down to the 109.45 mark.
If the cluster gets broken, watch the monthly R1 and weekly R2 near the 110.80 mark. If a bounce off from the resistance occurs, the support of the monthly PP will be targeted next. Meanwhile, in the longer term a large scale ascending channel was still set to prevail.
Daily chart
Swiss Foreign Exchange market sentiment has become neutral on Thursday. Previously, 51% of Swiss traders were long in regards to the currency exchange rate.
Meanwhile, 55% of orders were still set to buy.
This indicates that, compared to yesterday, 1% of Swiss traders have already closed their long positions. Meaning that they no longer want to hold long positions and risk taking a loss, if the rate declines. However, if the pair surges, they have set up buy orders to reopen those long positions.
The market sentiment of OANDA traders has been constantly largely bullish, as 57% of their traders are still holding long positions. In addition, the proportion of long positions of Saxo bank traders is 55%.
Spreads (avg, pip) / Trading volume / Volatility