Economic Calendar
This week, the US Consumer Price Index release is set to dictate the short term direction of all financial markets. The data will be published on Thursday at 13:30 GMT.
Hourly Chart
A recovery of the US Dollar and move above 132.65 might be slowed down by the 133.00, 133.50 and 134.00 levels, before the resistance zone near 134.50 would be once again reached. In addition, note the weekly R1 simple pivot point at 134.70.
On the other hand, a move of the rate below the support of 131.30/131.40 could pause at the 131.00 mark, prior to approaching the December 20 low level at 130.57 and the 130.50 level.
USD/JPY daily chart's review
On the daily candle chart, the pair has broken the channel down pattern, which guided it down since reaching the October high level at 152.00. The event signals a major reversal of the currency pair.Meanwhile, note that the 50 and 200-day simple moving averages might act as resistance near 137.00 and 138.00.
Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were 56% short, as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 66% to sell the USD against the JPY.