Economic Calendar
Expect major volatility on Wednesday at 19:00 GMT, as the Fed makes its rate statement.
USD/JPY short-term review
A decline of the pair might look for support in the combination of the 50-hour simple moving average and the lower trend line of the recovery's channel up pattern near 113.80. Further below, the January low level at 113.50 is the most close by support level.Meanwhile, a recovery of the pair might make another attempt at passing the 200-hour simple moving average and the weekly simple pivot point near 114.15, before reaching for the upper trend line of the channel pattern.
Hourly Chart
USD/JPY daily chart's review
The USD/JPY currency exchange rate has passed the support zone of the 2017, 2018 and 2019 high levels at 114.35/114.75. The zone was passed by the lower trend line of a large scale channel up pattern. Moreover, the 50-day simple moving average was passed.By passing the cluster of technical levels, the rate no longer has additional support on the daily candle chart. The most close by technical level was the 100-day simple moving average near 113.30.
Daily chart
Read More: Technical Analysis
Traders are short
On Tuesday, on the Swiss Foreign Exchange, traders were short, as 60% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 55% to sell.