USD/JPY breaks 100-day SMA

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The USD/JPY reached above the 150.00 mark on October 17. However, resistance was found near 150.30. This level caused a decline of the rate down to the support and resistance range that surrounds the 149.00 level. The 149.00 provided support and by mid-Monday the rate was heading back to 150.30.

Economic Calendar


On Thursday, at 13:45 GMT, the US S&P Global Manufacturing and Services PMIs will be published. The survey results could move the USD, if the released results are a lot different from the market forecasts.

On Friday, the markets could react to the publication of the US Durable Goods Orders at 12:30 GMT. However, this data release has not impacted the USD for quite a long period.

USD/JPY hourly chart analysis

In the near term future, the pair is expected to make another attempt to pass the 150.00 mark and the weekly R1 simple pivot point at 149.99. A move above these levels would result in the rate having no resistance as high as the weekly R2 simple pivot point at 150.88 and the 151.00 mark.

On the other hand, a decline is expected to be slowed down by the 50, 100 and 200-hour simple moving averages and the 149.00 level. Further below, support might be found in the weekly simple pivot point at 148.67, the 148.50 and the 148.00 levels.

Hourly Chart

USD/JPY daily candle chart analysis

On the daily candle chart, the recovery continued as one level is broken after another. Most recently, the rate reached the 100-day simple moving average near 150.00.

On Monday, it appeared that the simple moving average had failed to hold. Next target could be the 200-day simple moving average near 151.75.

Daily chart


Traders remain long
On Monday, Dukascopy traders positions were bullish, as open position volume was 67% long.

Meanwhile, pending orders in the 100-point range around the rate were 77% to sell.

On Wednesday, open position volume was 70% long and pending orders were 65% to buy.

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