Economic Calendar
On Friday, at 13:30 GMT, inflation at the producer level will be revealed, as the US Producer Price Index will be published. It is considered that producer level inflation eventually turns into consumer inflation, as producers increase consumer goods prices.
USD/JPY hourly chart analysis
A resumption of the surge has to pass the 145.50 level and the 50-hour simple pivot point. Higher above, note the 146.00 and 146.50 levels. Above these round levels, the combination of the weekly R1 and the 147.00 level could act as resistance.If the pair declines below the 100-hour simple moving average, the 200-hour SMA is expected to provide support near 144.30. Below the 144.30 level, the 143.50 level and the weekly simple pivot point could act as support.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY has passed above the resistance line that has kept the rate down since the pair booked the high level on November 12. An extension of the ongoing move could encounter resistance in the 200-day simple moving average near 145.00 and the 144.60/146.00 range. In addition, the 50-day simple moving average had caught up with the rate from above.On the other hand, any decline is expected to find support in the 140.00 level. If the 140.00 mark does not act as support, note the support and resistance range at 137.30/139.40.
Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, trader open position volume showed that Dukascopy traders were 66% long.
Meanwhile, pending orders in the 100-point range around the rate were 55% to buy the pair.
During Wednesday's trading, the positions were 69% long. In addition, pending orders were 61% to buy.
On Friday, positions were 70% long and orders were 51% to sell.