Economic Calendar
The top event of the week was the US Consumer Price Index release, which hit market forecasts on Tuesday at 12:30 GMT. However, there are more events that are expected to impact the currency pair.
On Wednesday, at 12:30 GMT, the US Retail Sales and Producer Price Index data sets are expected to impact the financial markets through and adjustment of the value of the US Dollar.
Hourly Chart
A bounce off from the 135.00 level could look for support in the combination of the 134.00 level and the 50-hour simple moving average. Further below, note the weekly S1 simple pivot point at 133.41 and the 133.50 level. Below these level, the 133.00 mark might slow down the pair's decline, before the 132.50 level is reached.
Meanwhile, a move above 135.00 is expected to encounter resistance in the 100 and 200-hour simple moving averages, the 135.50 and 136.00 levels and the weekly simple pivot point at 135.66.
USD/JPY daily chart's review
On the daily candle chart, the pair has bounced off the resistance of the 200-day simple moving average near 137.70 and has declined to the support of the 50-day simple moving average near 132.45.Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were 65% bearish, as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 54% to buy the USD against the JPY.