The pair was about to approach the resistance of the 100 and 200-hour SMAs and the weekly simple pivot point above the 107.80 level.
Economic Calendar
On Thursday, the US Final GDP will be published at 12:30 GMT. This event has caused moves on the USD/JPY from 6.3 to 10.5 pips since June 2018.
The week will end with the US Durable Goods Orders data release at 12:30 GMT. The event will consist of the release of US Durable Goods Orders and US Core Durable Goods Orders.
This event has caused almost insignificant moves since April, as the USD/JPY moved from 7.2 to 11.7 pips. Due to that it is concluded that this event that is tagged as high impact on economic calendars, is not notable enough to be watched.
USD/JPY short-term daily review
On Tuesday morning, the resistance of the 55-hour SMA was broken. The rate was about to test the resistance of the 100 and 200-hour simple moving averages and the weekly pivot point above the 107.85 level.If these resistance levels fail to stop the surge, the rate would surge up to the monthly resistance level at 108.12.
On the other hand, the resistance levels could force the pair into resuming its decline. In that case, the support of the 55-hour SMA would be tested.
Hourly Chart
On the daily candle chart, the pair is located between the resistance of the 100-day simple moving average at 107.90 and the support of the 55-day SMA at 107.20.
In addition, the 55-day SMA was strengthening the support of the weekly S1.
Daily chart
Read More: Technical Analysis
Sentiment remains unchanged
Since Monday, the open USD/JPY position volume on the Swiss Foreign Exchange was 54% long.
Meanwhile, trader set up orders were neutral. Namely, in the 100-pip range 51% of pending orders were set to sell and 49% were to buy.
The orders were 67% to buy on Monday.