The USD/JPY currency pair declined below the 105.00 level.
It is likely that some downside potential could prevail in the market, as the pair is pressured by the 55-hour SMA.
Economic Calendar
Notable macroeconomic events are set to start with the biggest and most important of them all, the Federal Reserve is scheduled to make a Rate Statement and Rate Announcement on Wednesday, at 18:00 GMT.
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
Click on the link below to find out more about the data releases.
USD/JPY short-term daily review
On Tuesday, the USD/JPY currency pair declined to the Fibo 23.60% at 105.03. During today's morning, the pair pierced the given support.Given that the exchange rate is pressured by the 55-hour moving average near 105.30, it is likely that some downside potential could prevail in the market.
Meanwhile, note that the rate could gain support from the weekly S2 at 104.59. If the given level holds, it is likely that a reversal north could occur. Otherwise, the pair could decline to the monthly S2 at 104.18.
Hourly Chart
On the daily candle chart, the rate continues to trade downwards, guided by the descending channel.
It is likely that the pair could gain support from the monthly S2 at 104.18.
Daily chart
On Wednesday, on the Swiss Foreign Exchange 53% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range were 74% to buy.