As forecast, the hourly simple moving averages gave the USD/JPY the needed strength to push through the 106.20 level. Namely, the 55-hour SMA caused a surge, which passed the resistance.
By the middle of Wednesday's GMT trading hours, the rate had reached the resistance of a 38.20% Fiobnacci retracement level at 106.86.
Economic Calendar
On Wednesday, the US Core CPI and CPI data will be released at 12:30 GMT.
On Thursday, the US Unemployment Claims data might affect the market. The release is scheduled to 12:30 GMT.
The week will end with the US Retail Sales data release on Friday at 12:30 GMT.
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USD/JPY short-term daily review
On Tuesday, the USD/JPY currency pair jumped to the 106.60 level. During today's morning, the pair was testing the Fibo 38.20% at 106.86.Hourly Chart
On Wednesday, traders of the Swiss Foreign Exchange had closed their long positions, as only 52% of all open position volume was long.
During Monday's GMT trading hours, the sentiment was 62% long.
Meanwhile, trader set up pending orders in the 100-pip range were 54% to buy. Previously, the orders were 75% to sell.
The previous sell orders were executed, as short positions were opened and long positions were closed.