At midnight to Friday, the USD/JPY currency exchange rate passed the October 6 high level near 111.80. On Friday morning, the currency exchange rate had almost reached the 112.00 mark.
Note that the zone above the 112.00 level at 112.05/112.10 might once again act as resistance, as it did on September 29 and 30.
Economic Calendar
On Friday, at 12:30 GMT, the US employment data sets will be out. Namely, the Average Hourly Earnings change, the Non-Farm Employment Change and the monthly Unemployment Rate are bound to impact the value of the US Dollar.
Next week, most volatility could be caused by the US Consumer Price Index, Producer Price Index and Retail Sales data.
On Wednesday, the US Consumer Price Index and Core Consumer Price Index data will be published at 12:30 GMT. The event has caused moves from 20.8 to 44.4 base points.
Later on, on Wednesday, some new information could be found in the FOMC Meeting Minutes release at 18:00 GMT. Namely, hints at the future might be in the protocol of the Federal Reserve's policymaker meeting. The pair has moved from 3.8 to 27.7 pips due to the publication.
On Thursday, at 12:30 GMT the US Producer Price Index, Core Producer Price Index and the weekly US Unemployment Claims will be published.
The rate has moved from 9.4 to 21.7 pips on the PPI release. Meanwhile, the Unemployment Claims have created 5.9 to 24.7 base point moves.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT might impact the US Dollar's value. The USD/JPY had moved from 12.2 to 25.5 pips on the publication.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
A move above the 112.05/112.10 level might result in a surge to the weekly R2 simple pivot point at 112.78. However, the 112.50 mark might act as a resistance level and slow down a potential move upwards.Meanwhile, a decline from the 112.00 level or the 112.05/112.10 zone might look for support in the previous high level at 111.80. Below the 111.80 mark, the 55, 100 and 200-hour simple moving averages might serve as support levels in the 111.40/111.60 range.
Hourly Chart
USD/JPY daily chart's review
Note the zone marked above the 112.00 currency exchange rate. The zone is the 2019 and 2020 high level zone. The zone is expected to provide resistance to the currency pair.Meanwhile, the summer high level zone had served as a support level to the pair's recent retracement down.
Daily chart
On Wednesday, on the Swiss Foreign Exchange, traders were short, as 73% of open position volume was in short positions.
On Thursday, the sentiment was 71% short. By the middle of Friday's trading, the sentiment was back to 73% short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 72% to sell.
The orders were 52% to buy on Thursday.