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 currency exchange rate continues to surge, it would have no resistance as high as the 2022 high level zone at 116.25/116.35. In addition, note the weekly R2 simple pivot point at 116.30. However, the 116.00 round exchange rate level could act as resistance to the USD/JPY rate's potential surge.On the other hand, a decline of the pair might look for support in the lower trend line of the channel up pattern and the weekly R1 simple pivot point at 115.63. A passing of these levels is highly likely to find short term support in the 115.50 mark, before a decline to the cluster of support levels at 115.00/115.21 occurs. The cluster of support levels consists of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point.
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 Friday, on the Swiss Foreign Exchange, traders were short, as 75% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 51% to sell the USD against the JPY.