Economic Calendar
Next week, the EUR/USD could react to the publication of the German and Spanish Consumer Price Indices on Wednesday morning.
On Wednesday, at 13:30 GMT, the US Preliminary quarterly GDP is expected to impact the financial markets through the value of the US Dollar.
On Thursday, the publication of the US Core PCE Price Index at 13:30 GMT is most likely going to cause a USD move, as the US monetary policymakers watch this indicator.
USD/JPY hourly chart analysis
A move above 149.50 could be slowed down by the 150.00 mark. Higher above, note the the weekly simple pivot point at 150.20. Above these levels, the 150.50 ad 151.00 might turn into resistance, before the weekly R1 simple pivot point would be reached.However, a decline of the US Dollar against the Yen might look for support in the 149.00 level, the 100-hour simple moving average near 148.75 and the weekly S1 simple pivot point at 148.50 and the 148.50 level on its own. Further below, note the 148.00 level and the various support levels that surround 147.50.
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 pierced these support levels, as they held on.
In addition, it was spotted on Thursday that throughout Wednesday's trading the 50-day SMA had acted as resistance. It could keep the rate down.
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.
On Wednesday, 69% were long, as some had already taken profits. At the same time, orders were just 54% to buy.
During the second part of Thursday's trading, traders held on to long positions. 70% of open positions were long. In the meantime, 52% of pending orders were to sell. The stop losses and take profits might not be close by. However, the situation could be that the stops and take profits are offset by buy orders that are set up to open more long positions, if the USD/JPY moves above 150.00.
On Friday, open positions were still 70%. Pending orders were 51% to sell.