Economic Calendar
Today, the US Federal Reserve Meeting Minutes are set to be published at 18:00 GMT. Since February the event has caused moves from 7.7 to 15.3 base points. This week, there will be one data release, which might impact the USD/JPY trough a value adjustment of the USD.
On Wednesday, at 12:30 GMT the US Retail Sales and US Core Retail Sales are scheduled to be released. Since May, the event had caused moves on the USD/JPY charts from 12.2 to 24.8 base points.
Meanwhile, take into account that next week there will be other events, which are expected to cause larger reactions on other currency exchange rates. Take a look at the published historical data tables by clicking on the link below.
Read More: 14.10-18.10 Event Historical Reactions
USD/JPY short-term daily review
By the middle of Tuesday's London trading, the USD/JPY had retreated below the 55-hour simple moving average, which was located at the 108.30 level.The rate head no technical support as low as the 108.00 level where the 100-hour simple moving average was located at. Moreover, the 108.00 mark should provide psychological support that round levels have. Due to that reason the pair should decline down.
On the other hand, the rate might trade sideways until the 100-hour SMA approaches it and pushed it higher.
Hourly Chart
On the daily candle chart, the low level of October 3 has provided with a reference point for drawing simple trend patterns. Dukascopy Analytics added an ascending channel pattern. This pattern could guide the rate higher until the end of the year.
Meanwhile, by looking at the daily chart it can also be observed that above the 38.20% Fibonacci retracement level at 108.43 there are no technical resistance levels. Namely, the closest level was the 200-day simple moving average at the 109.05 level.
Daily chart
Read More: Technical Analysis
Swiss traders profit
On Tuesday, 56% of open USD/JPY position volume on the Swiss Foreign Exchange was in long positions.
Traders had closed long positions, as previously 61% of volume was long.
Meanwhile, trader set up orders were slightly bearish. Namely, in the 100-pip range 54% of pending orders were to sell and 46% were to buy.
Previously, the orders were 61% to buy.