Economic Calendar
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
An extension of the decline would have to pass below 147.00 and the low level range at 146.67/146.87. Afterwards, the 146.50 level might slow down the rate's descent, before it reaches the combination of the 146.00 mark and the weekly S2 simple pivot point.On the other hand, a recovery of the pair has to break the resistance of the 50-hour simple moving average near 147.46 and the weekly S1 at 147.69. Higher above, the 148.00 level is set to act as resistance, prior tot her ate reaching the 100 and 200-hour simple moving averages near 148.20 and 148.50.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has passed below the 100-day simple moving average, as the resistance of the 50-day SMA held near 149.60 and caused the recent decline.Moreover, the pair has passed below the 1997 high level of 147.60 that had previously acted as resistance and support. On Thursday, it appeared that the level was turning into a resistance.
Daily chart
Read More: Technical Analysis
Traders hold onto long positions
At mid-Wednesday, traders were still 72% long and pending orders were 60% to sell. Note that during the ongoing decline, the traders have been suffering losses.
After the GDP release, traders were still 72% long, but orders were 57% to buy.