The USD/JPY dipped to the 109.42 level on Tuesday. With it, the pair confirmed that there is a support zone in the 109.42/109.49 zone. Meanwhile, the recent August high levels have been marked to reveal a resistance zone at 110.15/110.23.
In addition, the currency exchange rate continues to ignore the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point at 109.72.
Economic Calendar
On Wednesday, US Durable Goods Orders release at 12:30 GMT could cause an adjustment in the value of the US Dollar. All the pairs that involve the USD are bound to move.
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
USD/JPY short-term review
A potential surge would have to pass the 110.15/110.23 zone before reaching the weekly R1 simple pivot point at 110.32. On the other hand, a decline below the 110.15/110.23 zone could look for support in the weekly S1 simple pivot point at 109.21.Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the currency exchange rate is bouncing around between the support of the 100-day simple moving average at 109.70 and the 55-day simple moving average at 110.10.In the case of the channel holding, the USD/JPY pair could continue to trend downward.
Daily chart
Since Monday, traders on the Swiss Foreign Exchange were 67% short on USD/JPY.
On Wednesday, the sentiment was 66% bearish.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 53% to sell.