Economic Calendar
This week, there are couple of events that might cause minor reactions in the Forex market.
On Thursday, the US weekly Unemployment claims could create a minor reaction in the US Dollar. However, by large this event is being ignored by the markets, unless there is a large discrepancy from forecasts.
Also on Thursday, note that the head of the Federal Reserve Jerome Powell is set to speak at a public event at 16:00 GMT. However, it is a luncheon event at the New York Economic Club, which makes the possibility of him speaking on policy quite low.
Hourly Chart
A move above the 149.80 level is expected to face major resistance in the 150.00 mark. Both the retail sector and large banks consider the 150.00 level, where the Bank of Japan intervenes in the forex market and strengthens the Yen.
On the other hand, a decline of the rate is set to be supported by the 50 and 100-hour simple moving averages and the 148.50/149.00 range. Further below, take into account the weekly simple pivot point at 149.17 and the 200-hour simple moving average.
USD/JPY daily chart's review
On the daily candle chart, the rate is being approached by the 50-day simple moving average that has already reached the 1998 high level at 147.60. The SMA could provide the needed support for a push through 150.00.Daily chart
On Tuesday, traders were bearish on USD/JPY, as 70% 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 were 59% to sell.