On Friday, the 106.80 USD/JPY currency exchange rate level provided support, which started a surge. By the middle of Monday's trading, the surge had broken resistance of the 107.40 mark.
In theory, the rate no longer had any resistance as high as the 107.80 mark.
Economic Calendar
The main scheduled macroeconomic data release of the week is bound to occur on Thursday, at 12:30 GMT. At that time the US employment data sets are scheduled to be published.
Note that some calendars show the ADP Non-Farm Employment Change and the US ISM Manufacturing PMIs as high impact events, they have not caused an increase of volatility. See the tables below.
Take a look at all of the historical reaction tables by clicking on the link below.
USD/JPY short-term daily review
It is likely that the exchange rate could gain support from the 55-hour SMA near 107.15. Thus, some upside potential could prevail in the market, and the rate could target the 107.60 level.Meanwhile, if the predetermined resistance holds, it is likely that a reversal south could occur. In this case the pair could gain support from the 100– and 200-hour SMAs near 107.00 and consolidate in the short run.
Hourly Chart
On the daily candle chart, the 55-day simple moving average has been broken at 107.40. On Monday, it could start to provide support to the rate.
In the meantime, take into account that the 100-day simple moving average was approaching the 107.90 level.
Daily chart
Read More: Technical Analysis
Traders are slightly bullish
On Monday, on the Swiss Foreign Exchange 53% of open position volume was in long positions
Meanwhile, 78% of set up pending trade orders in a 100-pip range around the exchange rate were set to sell.