On March 14, the publication of the monthly US Producer Price Index provided the needed energy for a breaking of the weekly simple pivot point. However, the 200-hour simple moving average acted as resistance at 148.35.
Economic Calendar
Next week, all of the financial markets will be watching the US Federal Reserve Federal Funds Rate publication on Wednesday at 20:00 GMT. Note the time difference in the release, compared to the usual. The US has already switched to summer daylights savings time.
On Thursday, the US Services and Manufacturing sector Purchasing Managers Indices might impact the financial markets. However, recent releases of the data had minor impact.
USD/JPY hourly chart analysis
A move above the 200-hour simple moving average is expected to immediately result in the rate facing the resistance of the 148.50/149.00 range. Above these levels, the 149.50 has also acted as resistance.However, a decline of the USD against the JPY is set to look for support in the 148.00 level and the weekly simple pivot point at 148.03. Further below, note the 50 and 100-hour simple moving averages near 147.50.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has been ignoring the 100 and 200-day simple moving averages and the 1998 high level. These levels no longer appear to be impacting the pair.Daily chart
Read More: Technical Analysis
Traders are long
After PPI publication, trader open position volume showed that Dukascopy traders were 60% long.
Meanwhile, pending orders in the 100-point range around the rate were 58% to sell the USD/JPY.