- The Swiss traders are 59% bearish on the USD/JPY
- Trader pending orders in the 100-pip range are 61% to buy
- US PPI ends the week
The USD/JPY has paused the surge. Namely, it retraced back downwards to meet with a support level. It is expected that the upwards movement of the rate will resume when the 55-hour simple moving average reaches the currency exchange rate.
Latest Fundamental Event
Last Friday the Bureau of Labor Statistics released US Unemployment Rate that came out in line with expectations of 3.7%. The Non-Farm Employment Change together with the Average Hourly Earnings m/m data release came out also at 12:30 GMT.
The Bureau of Labor Statistics noted: "Total nonfarm payroll employment rose by 250,000 in October, and the unemployment rate was unchanged at 3.7 percent. Job gains occurred in health care, in manufacturing, in construction, and in transportation and warehousing".
US PPI at 13:30 GMT
On Friday, at 13:30 GMT US Producers Price Index will be out. The event will be covered by Dukascopy Analytics on the webinar platform.USD/JPY short term analysis
On Friday morning the pair found support in a pivot point at 113.80. Due to this support it was assumed that the surge was about to resume and the rate will eventually reach the 114.40 level.On the other hand, it might trade sideways until the additional technical support of the 55-hour simple moving average approaches. On Friday that SMA was located at 113.60.
Hourly Chart
The daily chart reveals no additional information. In general, one needs to wait until the rate reveals a new medium scale pattern.
Daily chart
By the middle of Friday's trading session 59% of traders were short on the USD/JPY. The sentiment was also bearish on Thursday.
In the meantime, 57% of all orders were set to buy the USD/JPY.
In general, it can be seen that traders have opened short positions in expectations of a retracement downwards after the recent surge. Meanwhile, the pending buy orders represent the stop losses and take profits of the short positions.