Economic Calendar
This week, markets will watch the publication of the US Consumer Price Index on Wednesday at 13:30 GMT. The inflation data will reveal whether the US government and the central bank can continue to stimulate the economy.
However, the markets already expect annual inflation to have increased from 2.4% up to 2.6%.
On Thursday, inflation at the wholesale level will be revealed. At 13:30 GMT, the Producer Price Index data sets will be published.
Lastly, on Friday, at 13:30 GMT, the US Retail Sales data release might impact the markets via the US Dollar.
USD/JPY hourly chart analysis
A surge of the rate above 154.00 might encounter resistance in the weekly R1 simple pivot point at 154.45 and the post-election high level range at 154.50/154.70. Higher above, the 155.00 mark is almost surely going to impact the rate.In the case of a decline of the currency pair, the combination of the 50, 100 and 200-hour simple moving averages could act as support near 153.00. Moreover, note the weekly simple pivot point at 152.87. Further below, the Friday's low might act as support, before the rate approaches the support range near 151.50.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the pair is above the 100 and 200-day simple moving averages, but faces the resistance of the 154.00 level and the range that surrounds it.Higher above, note that most round levels have acted as resistance.
Read More: Technical Analysis
Traders added to long positions
Last week, Dukascopy traders positions were bullish, as open position volume was 68% long.
Meanwhile, pending orders in the 100-point range around the rate were 57% to buy.
This week, 73% of positions were long. Orders were 56% to buy.
Meanwhile, pending orders in the 100-point range around the rate were 57% to buy.
This week, 73% of positions were long. Orders were 56% to buy.