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 near term future, it is expected that the 50, 100 and 200-hour simple moving averages decline and provide additional resistance, which could push the pair down. A potential decline would then look for support in the 148.00 mark, the weekly S1 simple pivot point at 147.69, before approaching the 147.15/147.35 range.On the other hand, a recovery of the US Dollar against the Japanese Yen would have to break the 148.55/148.75 range, the weekly simple pivot point at 148.84 and the 50, 100 and 200-hour simple moving averages near 149.00. Higher above, note the 149.65/149.75 range that held throughout last week and was the cause for the Monday's decline.
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 level is keeping the rate down since November 21. In the near term future, the SMA could approach the 150.00 mark.Meanwhile, support is provided by the 100-day SMA near 148.00. Below the moving average, note the lower trend line of the large scale channel up pattern.
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 Tuesday, open positions were 72% long. Pending orders were 51% to sell.