Economic Calendar
On Thursday, the top event of the week will take place. At 12:30 GMT, the US Consumer Price Index is bound to impact all currency pairs via an adjustment of the value of the US Dollar to the inflation numbers.
On Friday, the US Producer Price Index numbers will reveal how inflation is doing at the producer level. This rate might cause a move, if it deviates a lot from the market forecast. However, due to it being released a day after the consumer inflation, it is unlikely that the PPI numbers create a major market reaction.
USD/JPY hourly chart analysis
A move above 149.00 is expected to result in the rate facing the resistance of the 150.00 mark. Higher above, the 151.00 level and the weekly R1 simple pivot point are set to act as resistance.On the other hand, a decline of the US Dollar against the Yen could find support in the combination of the 50 and 100-hour simple moving averages near 148.00. Below these levels, the 147.20/147.50 range could once again come into play
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the pair has broken the resistance of the late August high level near 146.50.In general, the next target for the surge could be the mid-August high at 149.50 and the 100 and 200-day simple moving averages near 150.50 and 151.80.
Read More: Technical Analysis
Traders remain long
On Monday, Dukascopy traders positions were bullish, as open position volume was 68% long.
Meanwhile, pending orders in the 100-point range around the rate were 67% to buy.
On Wednesday, open position volume was 74% long and pending orders were 62% to sell.
Meanwhile, pending orders in the 100-point range around the rate were 67% to buy.
On Wednesday, open position volume was 74% long and pending orders were 62% to sell.