The decline of the USD/JPY has continued, as by the middle of Wednesday's GMT trading hours, the rate had reached the 106.40 mark.
Near that level the rate met with the weekly S3 simple pivot point. Future forecasts were based upon whether the support of the 106.40 holds.
Economic Calendar The week starts with the US Advance GDP release on Wednesday at 12:30 GMT. This is the first of three types of US quarterly GDPs. The Advance release reveals the first Gross Domestic Product numbers of a quarter. The following Preliminary and Final GDPs usually reveal slight adjustments. In general, the data will reveal the first impact of the coronavirus on the US economy.USD/JPY short-term daily review
During Wednesday morning, the pair was testing the support level—the weekly S3 at 106.44.Hourly Chart
On Tuesday, 58% of trader open position volume on the Swiss Foreign Exchange was in short positions.
By mid-Wednesday, traders were 60% short.
The sentiment had been mostly short for a week. It can be concluded that traders had gained profits during the decline.