Economic Calendar
On Friday, the top event of the week is set to take place, as the head of the Federal Reserve, Chairman Powell, is set to give a speech on monetary policy at the Jackson Hole Symposium. Last year's speech was the catalyst for the September drop of the financial markets, as the USD gained value.
Hourly Chart
A resumption of the ongoing decline would most likely soon test the support of the 144.90/145.15 range. Below the zone note the 144.50 level and the weekly S1 simple pivot point at 144.47. Even further below, the 144.00 mark might act as support
On the other hand, a recovery of the US Dollar against the Yen would have to break the upper trend line of a channel down pattern, the weekly simple pivot point and the combination of the 50, 100 and 200-hour simple moving averages. Above all of these levels, the 146.00 level could turn into resistance. In the case of all the technical and round levels failing to act as resistance, the 146.50 level, 146.30/146.55 range and the weekly R1 simple pivot point at 146.38 are highly likely to stop a surge of USD/JPY.
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 for almost a week now it has acted as support.
Daily chart
On Tuesday, traders were bearish on USD/JPY, as 61% 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.
On Wednesday, trades were 72% short and orders were 93% to buy.