The USD/JPY currency exchange rate has broken the channel up pattern, which guided it throughout last week.
On Monday morning, the rate found support in the 100-hour simple moving average and appeared to have paused the decline that started in the aftermath of the breaking of the channel up pattern.
Economic Calendar
The top event of all will take place on Wednesday at 18:00 GMT. The US Federal Reserve is scheduled to make a Rate Statement.
On Thursday, the US Advance GDP at 12:30 GMT is bound to move the US Dollar's value. In addition, at the same time the US Unemployment Claims could cause volatility.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
In the case of a surge, the pair would need to pass the resistance of the 55-hour SMA and the 110.33/110.38 zone, which provided resistance throughout the middle of July. A potential surge of the rate would then reach the 110.60 level.On the other hand, a decline below the 100 and 200-hour SMAs and the weekly simple pivot point just above the 110.00 mark could result in a decline to the weekly S1 simple pivot point at 109.58
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY currency exchange rate has found support at the 100- day SMA at 109.50.Daily chart
Since Friday, traders on the Swiss Foreign Exchange were 67% short on the USD/JPY currency pair.
Meanwhile, SWFX traders set up pending orders in the 100-pip range around the currency exchange rate were 55% to sell.