Economic Calendar
Watch out for the US Consumer Price Index at 12:30 GMT, on Thursday. The inflation data will reveal whether the Fed is managing to fight inflation or not.
On August 11, the markets will look at the US Producer Price Index at 12:30 GMT to analyse potential consumer price increases in the future.
Hourly Chart
A move above 143.50 and the weekly R1 simple pivot point at 143.49 could be slowed down by the 144.00 and 144.50 levels. Above these levels, the June high levels are expected to act as resistance at 144.90/145.10.
On the other hand, a decline of the US Dollar against the Japanese Yen is set to look for support in the 142.70/143.10 range and the 100-hour simple moving average near 142.60. Further below, note the combination of the lower trend line of a channel up pattern, the 50-hour simple moving average and the 142.50 mark.
USD/JPY daily chart's review
On the daily candle chart, the pair found support in the 100-day simple moving average. The technical indicator acted as support two times and appears to have caused the recent recovery of the US Dollar against the Yen.More recently, the rate ignored the resistance and support of the 50-day simple moving average. It appears it is incapable of impact the USD/JPY. The rate is heading to the resistance zone at 145.00/146.00.
Daily chart
On Monday, traders were bearish on USD/JPY, as 59% of open positions on the Swiss Foreign Exchange were short.
In the meantime, trader pending orders in the 100-point range around the current exchange rate are 55% to sell.
On Tuesday, 60% of positions were short and orders were 51% to buy.