Economic Calendar
On Tuesday, at 13:45 GMT, the US PMIs will be published and are expected to impact the US Dollar.
On Wednesday, at 20:35 GMT, the head of the Federal Reserve Jerome Powell is set to speak publicly. However, he is going to give open remarks at a Lecture for Social Science and Public Policy not a monetary policy event.
On Thursday, the markets are set to react to the US Advance GDP data publication at 12:30 GMT.
On Friday, the US Core PCE Price Index data will impact the value of the US Dollar. The US monetary policymakers watch the Personal Consumption Expenditures data to adjust their policy. The data shows inflation at the consumer level. Namely, how the average person has been impacted by the inflation during the last month.
Hourly Chart
A strengthening of the Yen would result in the currency pair declining below the support of the 100-hour simple moving average which has kept the pair up since October 18. The decline would then look for support in the 200-hour simple moving average near 149.70 and the weekly simple pivot point at 149.51.
However, a potential move above 150.00 could form a technical perspective run into the resistance of the weekly R1 simple pivot point at 150.28.
USD/JPY daily chart's review
On the daily candle chart, the rate is being approached by the 50-day simple moving average that has already reached the 1998 high level at 147.60. The SMA could provide the needed support for a push through 150.00.Daily chart
On Monday, traders were bearish on USD/JPY, as 65% of open positions on the Swiss Foreign Exchange were short.
In the meantime, trader pending orders in the 100-point range around the current exchange rate were 63% to sell.