Economic Calendar
On Tuesday note the US Consumer Price Index data set release at 13:30 GMT. The data release is set to impact the US Dollar's value. Higher than expected inflation would be seen as pressure on the Federal Reserve to hike interest rates or keep the higher for longer, which in turn would strengthen the US Dollar.
On Wednesday, the US Producer Price Index and Retail Sales data sets are also set to impact the US Dollar. Higher Retail Sales and higher inflation at the production level are also set to signal that the Federal Reserve has to and can increase interest rates.
USD/JPY hourly chart analysis
In the near term future, the USD/JPY could test the October high level at 151.70. A breaking of this level would most likely result in the pair booking a new 2023 high and eventually testing the high level of 2022, which is the 152.00 mark.If the US Dollar declines against the Japanese Yen, the 50-hour simple moving average could act as support, before the 151.00 mark would be reached. Further below, take into account the ascending 100 and 200-hour simple moving averages. The SMAs could turn into support.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has additional support from the ascending 50-day simple moving average, which has reached 149.00. Meanwhile, note the marked 2022 high level at 152.00.Daily chart
Recently, traders have been bullish on USD/JPY, as around 60% of open positions on the Swiss Foreign Exchange have been long.
Meanwhile, trader pending orders in the 100-point range around the current exchange rate were 50-65% to sell.