The USD/JPY bounced off the support levels that are located just below the 109.00 mark.
By the middle of Tuesday's trading session the currency exchange rate had reached above the resistance of the 55 and 100-hour simple moving averages and touched the 109.30 level.
On Wednesday, at 13:30 GMT the US Consumer Price Index and Core Consumer Price Index are set to be published. The event has caused moves on the charts from 12.1 to 28.4 pips.
The US PPI and Core PPI data sets are scheduled to be released on Thursday at 13:30 GMT. This is a minor data release, but still worth taking into account due to the possibility of it creating a move above ten pips.
Since April 2019, the event has caused moves from 4.7 to 12.4 pips.
On Friday, the US Retail Sales data sets will be out at 13:30 GMT. The release has caused moves from 16.2 to 25.4 pips.
Meanwhile, the week's reaction tables have been published. Take a look at the 11.11-15.11 Event Historical Reactions publication.
Read More: 11.11-15.11 Event Historical Reactions
USD/JPY short-term daily review
By the middle of Tuesday's trading session, the USD/JPY currency exchange rate had found support in the 55-hour simple moving average, which was located at 109.14.In theory, the rate should surge up to the pivot point that is located at the 109.39 level. This level could be pierced, as it was two times during the last week. It is more likely that a surge would be stopped by the 109.50 mark, which previously stopped two surges.
On the other hand, the rate might trade sideways until the support of the 100-hour SMA strengthens the 55-hour SMA, and they both together start pushing the rate up.
Hourly Chart
On the daily candle chart, the rate has passed the resistance of the 200-day simple moving average. The SMA on Wednesday began to provide technical support. Previously, the SMA kept the rate down throughout October.
Daily chart
Read More: Technical Analysis
Short sentiment increases
On Monday, on the Swiss Foreign Exchange USD/JPY open position volume was bearish. 55% of open volume was short and 45% was long.
By the middle of Tuesday's trading, the short position volume was at 58%.
Meanwhile, trader set up orders were bearish. Namely, in the 100-pip range 54% of pending orders were to sell and 46% were to buy.
The orders were 54% to buy on Monday.