Economic Calendar
This week, the financial markets could adjust to the publication of the US Federal Reserve Federal Open Market Committee Meeting Minutes publication on Tuesday at 19:00 GMT. However, the impact of the minutes has been low during the prior months due to the release of the US monetary policymaker protocols not including anything new.
On Friday, take into account that the release of the European, United Kingdom and United States Markit Manufacturing and Services Purchasing Managers Indices are set to be published and impact respectively the Euro, Pound and the US Dollar. The publications are scheduled to be done throughout the day.
USD/JPY hourly chart analysis
Further below, note that round levels might turn into support, before the pair reaches the combination of the 147.70 level and the weekly S3 at 145.79.However, a potential recovery of the US Dollar's value could be stopped by the weekly S1 simple pivot point at 148.50 and the 148.50 mark on its own. Higher above, note the 149.00 and 149.50 levels that could act as resistance, prior to the pair reaching the 150.00 mark.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has passed below the 50-day simple moving average that had pushed the rate up since early August.Meanwhile, take into account the additional combined support on this chart in the form of the 100-day simple moving average and the 1998 high level at 147.60. On Tuesday, the rate was piercing these support levels, as they held on.
Daily chart
On Monday, traders have been bullish on USD/JPY, as 69% of open positions on the Swiss Foreign Exchange were long.
Meanwhile, trader pending orders in the 100-point range around the current exchange rate were 50-86% to buy.
By mid-Tuesday, positions were already 71% long and orders were 91% to buy. It appears that traders expect a surge.