However, it stopped at the support of the 154.70/154.80 range. The range held and caused a resumption of the surge. It appears that the Bank of Japan has failed once again.
Economic Calendar
This week, the top fundamental event will take place. The United States Federal Reserve will announce its monetary policy on Wednesday at 18:00 GMT. In addition, the event will be followed by the press conference with the Chairman of the Fed Jerome Powell.
However, up to the event markets might be surprises by large deviations from forecasts in the US ADP Non-Farm Employment Change at 12:15 GMT and the combined release of JOLTS Job Openings and ISM Manufacturing PMI at 14:00 GMT.
After the central bank events, on Friday, note that the markets will move due to the publication of the US monthly Employment data at 12:30 GMT.
USD/JPY hourly chart analysis
A move higher needs to pass the weekly simple pivot point at 157.09. Higher above resistance could be countered in round exchange rate levels, before the pair finally once again tests the combination of the 160.00 mark and the 159.69 level where the weekly R1 is located at.If the pair declines, it is set to look for support in the 100 and 200-hour simple moving averages and the weekly S1 simple pivot point, prior to reaching the 154.70/154.80 zone.
Hourly Chart
USD/JPY daily chart's review
The daily candle chart of USD /JPY shows the prior high levels that could all turn into support in the case of a decline. Meanwhile, note the ascending 50-day simple moving average that has passed above 150.00.Daily chart
During Tuesdays trading, trader open position volume showed that Dukascopy traders were 73% long.
Meanwhile, pending orders in the 100-point range around the rate were 52% to buy the USD/JPY.
Last Wednesday, positons were 67% long and orders were 65% to sell.