Economic Calendar
This week, notable events are over. Due to this reason, the current momentum might remain intact.
Hourly Chart
A move above 147.88 is expected to almost immediately face resistance in the 148.00 mark. Higher above, take into account the 148.50 level and the combination of the weekly R2 simple pivot point at 148.93 and the 149.00 level.
On the other hand, a decline below 147.23 could find support in the 147.00 mark and the 100-hour simple moving average. Further below, note the 200-hour SMA and the 146.30/146.55 range.
USD/JPY daily chart's review
On the daily candle chart, on August 10, the rate reached the 145.00/146.00 range, which marks a zone that acted as resistance and support in the second part of 2022. At the end of June and early July of 2023 this range caused the July decline.Recently, the resistance zone was broken and the range has turned into support. Moreover, the pair is piercing the 1998 high level of 147.60.
Daily chart
On Thursday, traders were bearish on USD/JPY, as 58% of open positions on the Swiss Foreign Exchange were short.
In the meantime, trader pending orders in the 100-point range around the current exchange rate are 56% to sell.