On Tuesday, the USD/JPY retreated to the 104.60 level. The decline was caused on Monday by the resistance of the 105.00 level.
The near term future was dependant on what would happen at the 104.60 mark, as this level previously provided support.
Economic Calendar
On Tuesday, the US Durable Goods Orders and Core Durable Goods Orders will be released at 12:30 GMT. This event has caused moves on the USD/JPY from 5.3 to 11.6 base points.
On Thursday, at 12:30 GMT two events will be released that the financial media will talk about. However, recently both of them have not caused notable moves.
The GDP has moved the USD/JPY from 9.2 to 21.1 pips since July 2019. Meanwhile, the Unemployment Claims since September 24 have caused 2.9 to 9.2 pip moves
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
It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55– and 100-hour SMAs near the 104.80 mark. In this case the rate could re-test the psychological level at 104.40.In the meantime, note that the currency pair could gain support at the 104.60 level. Therefore, the pair could trade sideways within the following trading session.
Hourly Chart
On the daily candle chart, the rate has no close by additional resistance or support. Namely, the most close by resistance was the 55-day SMA at 105.68 and support was concentrated in the 104.10/104.20 rage.
Daily chart
Since Thursday, traders of the Swiss Foreign Exchange were slightly short, as 54% of all open position volume was in short positions.
In the meantime, on Tuesday, trader set up pending orders in the 100-pip range around the rate were balanced. 50% of orders were to buy and 50% were to sell.