Economic Calendar
During the week, it is all about the US Dollar associated fundamental data, surveys and central bank policy. Only exception is the Bank of England rate decision on Thursday.
On Tuesday, the release of the US ISM Manufacturing Purchasing Managers Index survey results and the JOLTS Job Openings could cause a move of the US Dollar.
On Wednesday, the top event of them all will take place. At 18:00 GMT, the US Federal Reserve is set to publish its Federal Funds Rate and FOMC Statement. The market currently expects a 0.75% hike. Deviations from the 0.75% forecast are bound to cause an adjustment of the US Dollar's value.
Afterwards, at 18:30 GMT, the Chairman of the Federal Reserve Jerome Powell will host a press conference.
On Thursday, the Bank of England is scheduled to also hike its interest rate at 12:00 GMT. The central bank is bound to react to and comment on recent political events in the United Kingdom.
On the same day at 14:00 GMT, the US ISM Services PMI is expected to impact the value of the US Dollar.
On Friday, more important data will be published. At 12:30 GMT, the US Unemployment Rate, Non-Farm Employment Change and Average Hourly Earnings are expected to cause US Dollar's moves.
Hourly Chart
The news beat down the value of the Japanese Yen, as the currency started a decline. On the USD/JPY charts it resulted in a surge, which by 09:00 GMT had reached above 147.50.
In the near term future, the pair might from time to time find resistance and support in the 50, 100 and 200-hour simple moving averages. Meanwhile, take into account that round exchange rate levels have also impacted the rate, despite most moves being fundamental and caused by the Bank of Japan or the US Federal Reserve policy.
USD/JPY daily chart's review
On the daily candle chart, the September high level zone appears to be acting as support.Daily chart
Prior to the US event week, on the Swiss Foreign Exchange, traders were 66% short as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 59% to buy the USD against the JPY.