Economic Calendar
Elevated levels of volatility may occur during this trading week considering both United States and Japan will present fundamental data that would impact market.
USD/JPY hourly chart analysis
USD/JPY hourly chart shows the market is now directionless and moving sideways. It appears to be trapped in a clear trading range, with a ceiling at the 148.00 resistance level and a floor at the 147.10 support level. The lack of a trend is confirmed by the moving averages, which are all flat and clustered together around the current price.Hourly Chart
USD/JPY daily candle chart analysis
The USD/JPY daily chart presents a conflicting picture, where a bullish long-term structure is being challenged by a very strong rejection from a major resistance level. The underlying trend remains bullish, evidenced by a recent "golden cross" of the moving averages and the price holding above all three key SMAs.
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Traders sentiment mixed
Further continuation of previous week, trader sentiment remains balanced, with both long and short positions accounting for 50%. There's no clear directional bias in USD/JPY at this time.