Economic Calendar
This week, there are no more scheduled events that could impact the currency pair.
USD/JPY hourly chart analysis
A move above 149.50 is set to test the resistance of the 150.00 mark. Higher above, note the weekly R2 simple pivot point at 150.28. Higher above, the rate has respected all round levels. Namely, 150.50, 151.00 and 151.50 have all acted as resistance and support.On the other hand, a decline of the US Dollar against the Yen could find support in the weekly R1 simple pivot point at 149.30, the 149.00 mark, the 148.50/148.80 range. In addition, the hourly simple moving averages are moving higher and could strengthen any of these levels.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY has managed to break the previous 2024 high level range. It appears to have found support in the 1998 high level of 147.60.Daily chart
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Traders remain long
On Tuesday, trader open position volume showed that Dukascopy traders were 73% long.
Meanwhile, pending orders in the 100-point range around the rate were 61% to buy the USD/JPY.
By mid-Thursday, traders were 64% long and orders were 63% to buy. It appears that some traders have already taken profits.