The USD/JPY started a recovery on Friday by finding support at 112.60. By the middle of Tuesday's European trading hours, the currency exchange rate had reached the 113.75 level.
Meanwhile, it was spotted that the rate mostly ignored the close by weekly R1 simple pivot point at 113.69 and the 200-hour simple moving average near 113.60.
Economic Calendar
On Thursday, a minor USD move could occur due to the weekly US Unemployment claims release at 13:30 GMT. The USD/JPY has moved from 4.7 to 28.5 pips on the releases since November 4.
On Friday, the value of the US Dollar is most likely going to adjust to the publication of the US Consumer Price Index and Core Consumer Price Index changes at 13:30 GMT. The rate has moved 19.1 to 30.4 pips due to the release since July 2021.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
In the case that the rate declines, it could look for support in the 50-hour simple moving average near 113.30. Below the 50-hour SMA, the 100-hour simple moving average might act as support near 113.20. Further below, note the weekly simple pivot point at 113.11.On the other hand, a recovery of the US Dollar against the Japanese Yen would most likely encounter resistance at the 113.85/113.95 zone. The zone represents the November 29 and 30 high levels. Above the zone, the 114.00 mark might provide resistance.
Hourly Chart
USD/JPY daily chart's review
The USD/JPY passed the support of the 50-day simple moving average. Further support could be provided by the 2019 and 2020 high level zone, which was broken in October.However, a proper recovery from the 112.50 mark might serve as a basis for an adjustment of the zone's borders. Namely, the 2019 and 2020 high level zone would be adjusted to include the 112.50 level.
Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were short, as 74% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 63% to sell.
On Monday, the positions were 71% short and orders were 57% to sell.