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 move above 146.00 mark could face resistance in the combination of 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. Higher above, note the 147.00 mark and the weekly R1 simple pivot point at 147.42.
However, a decline of the US Dollar against the Japanese Yen is expected to look for support in the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point near 145.50. Further below, note the 144.90/145.15 range and the 144.60 level.
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 Thursday, traders were bearish on USD/JPY, as 69% 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 65% to buy.
On Wednesday, trades were 72% short and orders were 93% to buy.