Economic Calendar
This week most events will be ignored due to a simple reason. The US central bank, The Federal Reserve is scheduled to make a rate announcement on Wednesday at 18:00 GMT. The Fed is expected to keep interest rates unchanged at 5.50%.
Afterwards, note the 18:30 GMT press conference of the Chairman of the Federal Reserve Jerome Powel. His comments always cause major volatility and quite often reverse the initial market reaction to the publication of the USD base interest rate.
Hourly Chart
A move below 148.80 is set to look for support in the 148.50 level and the weekly S2 simple pivot point at 148.44. Further below, take into account the 148.00 level.
However, in the case of a USD recovery against the Japanese Yen could face resistance in the 149.30/149.45 range. Above the zone note the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point just below the 150.00 mark.
USD/JPY daily chart's review
On the daily candle chart, the rate has additional support from the ascending 50-day simple moving average, which has reached above 148.00. Meanwhile, note the marked 2022 high level at 152.00.Daily chart
Since Friday, traders were bearish on USD/JPY, as 53% 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 51% to buy.