Meanwhile, take into account that the rate is most likely going to fluctuate sideways until the speech of the Chairman of the Federal Reserve at 14:00 GMT.
Economic Calendar
There are no more data releases or other events scheduled this week that might impact the USD/JPY currency exchange rate.
Next week, data releases will resume on Monday, as at 12:30 GMT the US Durable Goods Orders and Core Durable Goods Orders data will impact the pair.
Although this event is marked as high impact on most economic calendars, it has caused in the time-frame of five minutes moves only from 5.9 to 11.7 pips since start the of April.
On Thursday, at 12:30 GMT the US Preliminary GDP is scheduled to be published. The event has caused moves on USD/JPY charts from 2.8 to 19.4 pips since February.
USD/JPY short-term daily review
During the previous trading session, the USD/JPY currency pair reversed north from the lower boundary of the short-term ascending channel at 106.35. During Friday morning, the pair reached the 106.65 mark.Note, that the exchange rate is supported by the 55– and 100-hour SMAs, currently located circa 106.50. Thus, it is likely, that bulls could prevail in the market in the short term. In this case, the rate could surpass the 106.80 level.
On the other hand, the pair could trade sideways along the monthly S2 at the 106.54 until the beginning of the next trading week. It is unlikely, that the rate could drop lower than the 106.31 mark due to the support of the 200-hour SMA.
Hourly Chart
On the daily candle chart, the rate is trading sideways in the borders of a large scale descending channel pattern.
Meanwhile, the daily simple moving averages were located far above the currency exchange rate. It is an indicator of the pair being oversold.
Daily chart
Read More: Technical Analysis
Traders remain long
On Friday, 69% of USD/JPY open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, trader set up orders were neutral. Namely, in the 100-pip range 50% of pending orders were set to sell and 50% were to buy.