The events resulted in the rate breaking the 146.50/147.00 resistance zone and a follow up test of the 148.50/148.80 range. On Tuesday, the rate continued to test the range, but changes could soon occur, as the additional support of the 50-hour simple moving average had approached the pair.
Economic Calendar
This week, watch out for a possible move caused by the US weekly Unemployment claims on Thursday at 13:30 GMT. Besides that, the second week of February has nothing notable scheduled that could impact the financial markets.
USD/JPY hourly chart analysis
A breaking of the resistance range is set to face the 149.00 level, the weekly R1 simple pivot point at 149.30 and the 149.50 and 150.00 levels.In the case of a USD decline below the 148.50 level and the 50-hour simple moving average, the rate could look for support in the 148.00 level. Below 148.00 there is a concentration of technical levels near the 147.50 level. The round exchange rate is strengthened by the weekly simple pivot point at 147.60 and the 100 and 200-hour simple moving averages.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY has moved back to the 2024 high level range and is testing it.Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, trader open position volume showed that Dukascopy traders were 73% long.
Meanwhile, pending orders in the 100-point range around the rate were 61% to buy the USD/JPY.