Economic Calendar
There are no more notable events scheduled for this week that could impact the rate.
USD/JPY hourly chart analysis
A potential extension of the recovery is set to face the combination of the 148.00 mark and the 200-hour simple moving average. Higher above, note the 148.50/148.85 range and the 149.00 level. Both of these could stop, or even reverse the pair, before it reaches the 150.00 mark.In the case of a decline, the rate would have to first pass below the 50-hour simple moving average, before approaching the 100-hour SMA and the 146.00 level. If these levels fail, the pair would be set to decline to the 144.00 level and the weekly S1 simple pivot point at 143.53.
Hourly Chart
USD/JPY daily candle chart analysis
Prior analysis: "In general, the background is clear - Bank of Japan is tightening, the Federal Reserve is forced to ease policy. The USD/JPY is heading down and is set to continue to do so. It appears that prior high levels are providing short term support to the rate.In the meantime, the already steep decline has turned vertical. Due to this reason it is likely that one of the support ranges will force the pair into a consolidation by either fluctuating sideways or retracing back up."
Most recently, the pair had consolidated by moving back up.
Read More: Technical Analysis
Traders are long
On Friday, Dukascopy traders positions were bullish, as open position volume was 66% long.
Meanwhile, pending orders in the 100-point range around the rate were 69% to sell.
On Wednesday, traders were 68% long and orders were 51% to sell.
Meanwhile, pending orders in the 100-point range around the rate were 69% to sell.
On Wednesday, traders were 68% long and orders were 51% to sell.