Economic Calendar
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
In the case of breaking the 50 and 200-hour simple moving averages and the 149.50 level, the rate would immediately face the 149.65/149.75 range. Higher above, the 150.00 mark is bound to once again act as resistance to the USD/JPY.Meanwhile, a potential decline of the US Dollar against the Japanese Yen would need to pass below the 148.55/148.75 range. Below this support and resistance range, the currency pair is expected to look for support in the 148.00 mark and the weekly S1 simple pivot point at 147.69. Further below, the November low level range at 147.15/147.35 is set to come into play.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate is facing the resistance of the 50-day simple moving average. This technical levels is keeping the rate down since November 21.Daily chart
Read More: Technical Analysis
Traders hold onto long positions
On Monday, traders have been bullish on USD/JPY, as 70% 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 62% to buy.
On Friday, open positions were 70%. Pending orders were 51% to sell.