Economic Calendar
During the week before Christmas, there will be a couple of data releases that could impact the financial markets.
On Thursday, not the publication of the US Final GDP at 13:30 GMT. This is the final of the three quarterly US GDP releases. The United States release quarterly Gross Domestic Data over a span of a quarter. Data is published in three releases – Advance, Preliminary and Final. The most impact comes from the Advance GDP, and the least is from the upcoming Final GDP.
On Friday, the United States Bureau of Economic Analysis will publish the Core Personal Consumption Expenditure Price Index at 13:30 GMT. The change of the index shows how inflation impacts consumers. It is different from the CPI with the fact that it measures only goods that are consumed by individuals.
USD/JPY hourly chart analysis
From a technical perspective, the surge of the US Dollar against the Yen is set to face the weekly simple pivot point and the 100-hour simple moving average at 143.23. Higher above the 143.50 and 144.00 levels could slow down the rate, before it reaches the 200-hour simple moving average and the 144.30/145.00 range.A decline of the USD/JPY would look for support in the 142.00 level and the 50-hour simple moving average. Below these levels, the 141.00 mark is highly likely to once again act as support, before the pair reaches the 140.00 mark. Meanwhile, note that it could be the case that there is a support range at 140.00/141.00.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY passed below the support of the 200-day simple moving average. Meanwhile, the recent fundamental recovery has ignored the 144.60/145.95 support and resistance range.In general, fundamentals from the Bank of Japan and the Federal Reserve are impacting the broader picture of the financial instrument.
Regarding the future, if the 140.00 mark does not act as support, note the support and resistance range at 137.30/139.40.
Daily chart
On Monday, traders were 57% short, but pending orders in the 100-pip range around the current rate were 70% to buy.
On Friday, traders were 61% short and orders were 61% to sell. The bearish sentiment had increased.