Economic Calendar
This week, the market might move due to the combined release of the US CB Consumer Confidence and the JOLTS Job Openings on Tuesday, at 14:00 GMT.
On Wednesday, take into account the US ADP Non-farm Employment Change and Advance GDP numbers at 12:15 and 12:30 GMT.
A major event will take place on Thursday at 12:30 GMT, as the US Core PCE Price Index will reveal inflation at the consumer level.
The top event of the week will be the release of the US monthly employment data sets. The Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are going to impact the markets via an adjustment of the US Dollar's value.
USD/JPY hourly chart analysis
The surge of the rate is expected to face the recent high levels near 153.90, the weekly R1 simple pivot point at 153.92 and the 154.00 level. Higher above, the 155.00 mark is bound to act as a major resistance.However, a potential decline of the US Dollar against the Japanese Yen is unlikely due to the support of the 153.00 level and the lower trend line of the channel up pattern. In addition, the 50 and 100-hour simple moving averages might strengthen the pattern.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the pair is above the 100 and 200-day simple moving averages, but faces the resistance of the 154.00 level and the range that surrounds it.Higher above, note that most round levels have acted as resistance.
Read More: Technical Analysis
Traders remain long
At the start of the week, Dukascopy traders positions were bullish, as open position volume was 67% long.
Meanwhile, pending orders in the 100-point range around the rate were 50% to buy and sell.
Meanwhile, pending orders in the 100-point range around the rate were 50% to buy and sell.