Economic Calendar
On Thursday, the markets might react to the publication of the US Final GDP data release. However, the Final release is the one with the less impact of the three US GDP releases.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to reveal how the consumer goods prices are doing in the USA. The markets expect an increase of 0.2%.
USD/JPY hourly chart analysis
A passing above 144.50 is expected to immediately be stopped by the 145.00 mark. Higher above, note the weekly R1 simple pivot point at 145.68.In the case of a decline, the rate might find support in the 143.45/143.75 range and the 50 and 100-hour simple moving averages. However, these levels failed during the early part of this week. Further below, the 143.00 mark could stop a decline, before the pair reaches the combination of the 200-hour SMA and the weekly simple pivot point at 142.63.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the rate found support in the major support and resistance range. A recovery has broken the large scale channel down pattern.The USD/JPY could soon reach the resistance of the 50-day simple moving average and the late August high level near the 146.50 level.
Read More: Technical Analysis
Traders remain long
On Monday, Dukascopy traders positions were bullish, as open position volume was 71% long.
Meanwhile, pending orders in the 100-point range around the rate were 78% to sell.
On Wednesday, open position volume was 72% long and pending orders were 50% to buy and sell.
Traders have been long before the rate started the recovery. It appears that some prior losses might be recovered.
Meanwhile, pending orders in the 100-point range around the rate were 78% to sell.
On Wednesday, open position volume was 72% long and pending orders were 50% to buy and sell.
Traders have been long before the rate started the recovery. It appears that some prior losses might be recovered.