The USD/JPY currency pair continues to be under pressure of the 55- and 100-hour SMAs near 105.00.
It is likely that some downside potential could prevail in the market.
Economic Calendar
The first week of August is going to be relatively busy on the economic calendar.
On Monday, the Institute for Supply Management is going to publish the US ISM Manufacturing PMI survey results at 14:00 GMT. Additionally, the US ISM Non-Manufacturing PMI survey results are set to be published on Wednesday at 14:00 GMT.
On Wednesday, the US ADP Non-Farm Employment Change data is set to be issued at 12:15 GMT.
On Thursday, the US Unemployment Claims data is going to be published at 12:30 GMT.
On Friday, the US Employment data set release could be in the spotlight. The release is scheduled to 12:30 GMT.
Click on the link below to find out more about the data releases.
USD/JPY short-term daily review
On Thursday, the USD/JPY currency pair continued to trade downwards. During today's morning, the pair tested the monthly S2 at 104.18.Given that the exchange rate remains under pressure of the 55– and 100-hour SMAs in the 105.00 area, it is likely that some downside potential could prevail in the market.
However, if the given support holds, it is likely that the US Dollar could trade sideways against the Japanese Yen within the following trading session.
Hourly Chart
On the daily candle chart, the rate continues to trade downwards, guided by the descending channel.
It is likely that the pair could gain support from the monthly S2 at 104.18.
Daily chart
On Friday, on the Swiss Foreign Exchange 51% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range were 59% to buy.