On Tuesday, the US Dollar fell by 41 pips or 0.37% against the Japanese Yen. The 200– hour simple moving average pressured the currency pair lower during yesterday's trading session.
Economic Calendar
On Wednesday, at 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
Currently, the USD/JPY exchange rate is trading near a support level at the 110.44 area.If the support line holds, buyers could drive the price higher within the following session.
However, if the currency exchange rate breaks the weekly support line, the next target for short traders will be near the 110.00 area.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate remains consistent with the channel up pattern, which has guided the rate since the middle of April. In the case of the channel holding and the rate surging in its borders, a potential target would be the 2020 high zone near the 112.00 level.Meanwhile, it can be spotted that the pair respects round exchange rate levels. The 110.50 has served as support. The 111.00 level has provided both support and resistance.
Daily chart
On Tuesday, traders on the Swiss Foreign Exchange were 74% short on USD/JPY, as 72% of open position volume was in short positions.
On Wednesday, the open position volume was 72% short.
Meanwhile, on Wednesday, traders set up pending orders in the 100-pip range around the rate were 78% to buy. On Tuesday, the orders were 69% to buy.