Economic Calendar
This week, traders will be initially looking at the ISM Manufacturing Purchasing Managers Index survey results on Wednesday at 14:00 GMT. The publication is set to reveal how the US Manufacturing industry is looking at the future and with it impact the value of the US Dollar.
On Thursday, minor USD moves could occur due to the ADP Non-Farm Employment Change at 12:15 GMT and the US Unemployment Claims at 12:30 GMT. Minor moves are usually around ten to fifteen base points.
On Friday, one of the top events of the whole market will occur. Namely, the release of the US employment data at 12:30 is set to shake up the market. The release will consist of the US Unemployment Rate, Average Hourly Earnings Change and the Non-Farm Employment Change.
Hourly Chart
A move above 129.80 could encounter resistance in the 130.00 and 130.50 levels, before approaching the 131.00/131.40 zone. The zone captures the pair's April high levels.
However, a decline of the rate might find support in the weekly R2 simple pivot point at 128.90 and the 129.00 level. Further below, note the 50-hour simple moving average and the 128.18/128.31 zone.
USD/JPY daily chart's review
On the daily candle chart, despite being pierced, the 50-day simple moving average provided enough support to cause a move upwards.Daily chart
On Wednesday, on the Swiss Foreign Exchange, traders were 65% short as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 64% to sell the USD against the JPY.