Yesterday, the USD/JPY currency pair reversed south from the 107.40 level.
It is likely that the pair could gain support from the 55- and 100-hour SMAs, as well the weekly PP in the 107.10 area.
Economic Calendar
Next week, there are only couple data releases expected, which could move the USD/JPY pair.
On Thursday, the US Unemployment Claims data is set to be published at 12:30 GMT.
On Friday, the US Manufacturing and Services PMIs survey results are going to be released at 13:45 GMT.
Take a look at all of the historical reaction tables by clicking on the link below.
USD/JPY short-term daily review
On Thursday, the USD/JPY currency pair broke the upper line of a newly revealed falling wedge pattern. During today's morning, the pair was testing the support formed by the 55– and 100-hour SMAs, as well the weekly PP in the 107.10 area.If the given support holds, it is likely that some upside potential could prevail in the market, and the exchange rate could try to exceed the 107.40 level.
Meanwhile, note that the rate is pressured by the 200-hour SMA near 107.20. Thus, some downside potential could prevail in the market, and the pair could target the Fibo 38.20% at 106.86.
Hourly Chart
On the daily candle chart, the rate trades below the additional resistance of the 55- and 100-day simple moving averages that are located in the 107.50 area.
Daily chart
On Friday, on the Swiss Foreign Exchange 54% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range were neutral, as 58% of orders were to sell.