Economic Calendar
This week, notable events are over. Due to this reason, the current momentum might remain intact.
Hourly Chart
A move above 147.50 and the weekly R1 simple pivot point at 147.54 could result in another test of the 147.80/147.87 range. This range acted as resistance on September 5 and 6.
On the other hand, a decline of the US Dollar against the Japanese Yen is expected to look for support first in the 100-hour simple moving average near 147.20. Afterwards, note the 147.00 mark which could act as support as it did on Wednesday. Further below, the 200-hour SMA and the 146.30/146.55 range are expected to impact the rate.
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 the range has turned into support. Moreover, the pair is piercing the 1998 high level of 147.60.
Daily chart
On Thursday, traders were bearish on USD/JPY, as 58% 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 Friday, positions were 56% short and orders were 53% to sell.