On Tuesday, the rate passed above the 154.70/154.80 range. However, it was still confirming the range as support and not moving higher to 155.00.
Economic Calendar
At 13:45 GMT, all of financial markets could move due to the publication of the United States Manufacturing and Services sectors Purchasing Managers Indices.
On Thursday, watch the publication of the US Advance quarterly GDP publication at 12:30 GMT. Note that the United States GDP data is published over the span of a quarter by giving updated data each month. First release has the most impact and is called the Preliminary. It is followed by the Advance GDP release, which is expected on Thursday. Afterwards, the GDP publications end with the Final GDP, and the cycle starts again with a new quarter.
Also on Thursday, watch the US Pending Home Sales data publication at 14:00 GMT. In the recent months, this previously ignored data set has started to impact the US Dollar.
On Friday, one of the top US data releases will occur. The Core Personal Consumption Expenditure will reveal more detailed impact of inflation on the US consumer. US monetary policy makers have been observing this index instead of the Consumer Price Index to decide upon their policy.
However, before the US inflation, the Bank of Japan is set to have its say, as the Bank of Japan Policy Rate will be released in the morning. Note that the BoJ does not set a certain time for their publications and Press Conference to avoid market volatility increases.
USD/JPY hourly chart analysis
In the near term future, the 155.00 mark is expected to act as resistance. Higher above, note the 155.50 level and the weekly R1 simple pivot point at 155.24A potential decline of the US Dollar against the Japanese Yen below 154.70/154.80 would look for support in the 154.50 level and the 50 and 100-hour simple moving averages. Further below, note the weekly simple pivot point at 154.10, the 200-hour simple moving average, the 154.00 level and the 153.85/153.95 range.
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 69% long.
Meanwhile, pending orders in the 100-point range around the rate were 51% to sell the USD/JPY.
On Thursday, positons were 72% long and orders were 52% to sell.
USD/JPY traders have been riding the surge upwards. Meanwhile, the lack of sell orders indicates that stop losses and take profits are far away.