During the events, the pair broke the 144.30/145.00 range and the weekly R1 simple pivot point at 145.50. However, it was observed that the 146.00 level had held.
Economic Calendar
No more notable events this week. Next week, Monday and Tuesday have nothing scheduled.
USD/JPY hourly chart analysis
Support could soon be found in the 144.30/145.00 range and the 50-hour simple moving average. Below the important range, note the weekly simple pivot point at 143.23, the 100-hour SMA near 143.00 and the 200-hour SMA near 142.50.In the case of an extended recovery, round exchange rate levels are highly likely set to act as resistance.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY has passed above the resistance line that has kept the rate down since the pair booked the high level on November 12. An extension of the ongoing move could encounter resistance in the 200-day simple moving average near 145.00 and the 144.60/146.00 range.On the other hand, any decline is expected to find support in the 140.00 level. If the 140.00 mark does not act as support, note the support and resistance range at 137.30/139.40.
Daily chart
Read More: Technical Analysis
Traders go long
On Wednesday, trader open position volume showed that Dukascopy traders were 59% short.
Meanwhile, pending orders in the 100-point range around the rate were 59% to sell the pair.
During Thursday's trading, the positions were 56% short and orders were 56% to buy.
On Friday, traders were 56% long and orders were 58% to buy.