Economic Calendar On Friday, watch the Japanese Yen during the Asian session. The Bank of Japan is expected to announce its monetary policy. Despite the BoJ Policy Rate being forecast to remain unchanged, markets might move due to comments from the central bankers.
The BoJ does not give a predetermined time for its announcements, as it wants to avoid unnecessary speculation from market participants.
USD/JPY hourly chart analysis
If the rate moves above the 143.80 level, the rate could be slowed down by the 145.00 mark, which has been acting as both strong support and resistance during the past.In the case of a decline of the US Dollar against the Yen, the rate should find support in the major support range at 141.70/142.00, the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 141.62. Further below, note the 2023 low level range below 140.00.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the rate has passed below the August low level at 141.75. The USD/JPY is approaching the major support range at 137.40/139.40.
Read More: Technical Analysis
Traders remain long
On Monday, Dukascopy traders positions were bullish, as open position volume was 74% long.
Meanwhile, pending orders in the 100-point range around the rate were 88% to buy.
On Thursday, open position volume was 72% long and pending orders were 73% to sell.
Meanwhile, pending orders in the 100-point range around the rate were 88% to buy.
On Thursday, open position volume was 72% long and pending orders were 73% to sell.