- The Swiss traders are 52% short
- Trader pending orders in the 100-pip range are set to buy in 53% of all cases
- US Retail Sales at 12:30 GMT
On Friday the rate had reached above the 112.00 level, which was expected previously. In addition new patterns were discovered on the currency exchange rate's charts.
The Bureau of Labor Statistics released CPI data that came out lower-than-expected of 0.2%, compare to forecasted 0.3%.
The U.S. Bureau of Labor Statistics announced: "The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in August on a seasonally adjusted basis, the same increase as in July,"
US Retail Sales at 12:30 in focus
The week's macroeconomic data releases will end at 12:30 GMT. At that time the US Retail Sales will be published.
The data release will be covered by the Dukascopy Analytics team on the bank's live webinar platform. The event will start at 12:20 GMT.
USD/JPY short term analysis
In regards to the near future, the pair is most likely going to surge up to the 112.30 mark after a period of retracing downwards.The rate is either going to start eh surge when it finds support in the pivot point at the 111.70 mark. On the other hand the surge might begin when the 55 and 100-hour simple moving averages approach the rate from the downside and provide additional support.
Hourly Chart
The 55-day simple moving average, as it was stated before, provided the needed support for a surge. Meanwhile, note the new drawn pattern.
The pattern is set to guide the rate up to the resistance line of the most dominant pattern near the 112.30 mark.
Daily chart
The Swiss Foreign exchange retail traders keep bouncing around the 50/50 proportion in their open positions. On Friday, they had become slightly bullish, as 51.52% of trader set up positions were long at 09:00 GMT.
Meanwhile, trader set up orders, which could provide momentum to one or the other side, were also balanced.
In addition, at other brokerages the same sentiment could be observed. Traders at Oanda were perfectly neutral. Although, Saxo Bank sentiment was bearish, as 57% of open positions were short at the brokerage.
Spreads (avg, pip) / Trading volume / Volatility