On April 26, the US Dollar surged by 54 pips or 0.50% against the Japanese Yen. The currency pair breached the 55– and 200– hour SMAs during yesterday's trading session.
Economic Calendar
On Wednesday, all of the markets will move due to the release of the US Federal Reserve Federal Funds Rate at 18:00 GMT. The USD/JPY has moved 7.8 to 34.5 pips on the announcement since September 16.
On Thursday, at 12:30 GMT, the US Advance GDP will be released. This event has caused USD/JPY move only from 6.0 to 21.1 pips.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term daily review
Everything being equal, the exchange rate is likely to continue to edge higher during the following trading session. A breakout through the upper line of an ascending channel pattern could occur.However, if the channel pattern holds, a decline towards the 107.80 level could be expected today.
Hourly Chart
USD/JPY daily chart's review
The rate has found support at the 55-day simple moving average at the 108.40 mark on its daily candle chart on Tuesday, after piercing the SMA the previous day.Daily chart
On Tuesday, traders on the Swiss Foreign Exchange were 56% short on USD/JPY. On Monday, 53% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 62% to buy. On Monday, the orders were 53% to buy.