On Tuesday morning, the USD/JPY currency pair consolidated near the 107.40 level.
It is likely that the pair could gain support from the 55- and 100-hour SMAs, as well the monthly PP and trade upwards.
Economic Calendar
In regards to the USD/JPY during this week, there are a couple of scheduled macroeconomic data releases that could impact the currency exchange rate.
On Thursday, the US Unemployment Claims at 12:30 GMT will be discussed by most market participants. However, this release usually causes moves below ten pips.
Take a look at all of the historical reaction tables by clicking on the link below.
USD/JPY short-term daily review
On Tuesday, the USD/JPY currency pair traded sideways near 107.40. During today's morning, the pair maintained its consolidation.It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs, as well the monthly PP in the 107.30 area. Thus, some upside potential could prevail in the market.
Meanwhile, note that that the rate could face the resistance formed by the weekly PP and the 200-hour SMA near 107.80. If the given resistance holds, it is likely that the US Dollar could consolidate against the Japanese Yen.
Hourly Chart
On the daily candle chart, it was previously noted that the passed daily simple moving averages could start to provide technical resistance.
On Friday, the 55-day SMA began to do so, as it acted as a resistance level near the 107.60 level.
Daily chart
Read More: Technical Analysis
Traders continue to short USD/JPY
On Tuesday, on the Swiss Foreign Exchange 56% of open position volume was in short position.
On Wednesday, the sentiment was 51% short.
Meanwhile, 51% of set up pending trade orders in a 100-pip range around the exchange rate were set to buy.