Since the middle of Monday's GMT trading, the USD/JPY has been attempting to pass the resistance of the weekly R1 simple pivot point at 107.78.
In the near term future, it was expected that the rate would continue to trade sideways or decline, as the most close by technical support level was near the 107.40 mark.
Economic Calendar
USD/JPY short-term daily review
If the resistance level holds, it is likely that a reversal south could occur. In this case the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 107.00/107.40 area.Hourly Chart
On Tuesday, on the Swiss Foreign Exchange 54% of open position volume was in long positions
Meanwhile, 69% of set up pending trade orders in a 100-pip range around the exchange rate were set to sell.
The orders were 78% to sell on Monday.