After trading around the 105.00 mark since the middle of Monday's trading, on Tuesday, the USD/JPY currency exchange rate recovered.
By the middle of the day's European trading, the pair had reached the 105.30 level.
Economic Calendar
This week, only the US Preliminary GDP release on Thursday at 13:30 GMT could cause a notable sudden move.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term daily review
It is unlikely that some upside potential could prevail in the market due to the resistance area formed by the 55-, 100– and 200-hour moving averages, as well the weekly PP in the 105.40/105.60 range.Therefore, it is likely that the exchange rate could trade downwards in the nearest future. Note that the rate could gain support from the weekly S1 at 104.86. If the given level holds, the pair could consolidate.
Hourly Chart
On the daily candle chart, note that the 200-day simple moving average failed to provide support to the rate at 105.50.
Meanwhile, on Tuesday it was spotted that the currency exchange rate has been surging in a channel up pattern since the start of 2021. The lower trend line of the pattern was supporting the 105.00 mark.
Daily chart
On Tuesday, on the Swiss Foreign Exchange 61% of open position volume was in short positions.
During Monday's trading, the sentiment was 63% short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 52% to sell.