The USD/JPY started a decline, as it was about to face the resistance of the 108.00 level and the 200-hour simple moving average.
By the middle of Tuesday's GMT trading hours, the pair had been pushed through the support of the 55 and 100-hour SMAs and the weekly pivot point. In addition, the channel up pattern was broken.
Economic CalendarUSD/JPY short-term daily review
By the middle of Tuesday's GMT trading hours, the USD/JPY had no technical support as low as the cluster of technical levels near 106.85. The cluster is made up of the monthly pivot point, weekly S1 pivot point and a 38.20% Fibonacci retracement level.Hourly Chart
On Tuesday, 59% of trader open position volume on the Swiss Foreign Exchange was in short positions.
During Monday's trading, the sentiment was 58% short.