Economic Calendar
The week will be calm. There are no events that could impact the rate up to Friday.
The only fundamental data that could impact the USD/JPY price this week will come from US statistical departments.
USD/JPY hourly chart analysis
Since the end of November, USD/JPY has been trading within the 149.6700 to 150.700 price range. The smoothing of the simple moving averages (50-hour, 100-hour, and 200-hour periods) is evident. A change in momentum and a breakthrough of the price levels at 150.700 and 151.220 would bring clarity to further price discovery for USD/JPY.A decline in price is also possible if market conditions shift in favor of a lower value for the currency pair. If the 149.670 support is broken, testing the 148.800 support level could be plausible.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candlestick chart, the current price of USD/JPY is trading between the 200-day and 100-day SMAs. The current price also represents the 38.2% Fibonacci retracement level, considering the price increase from mid-September as the entry point. The longer time frame suggests a probability of price discovery towards the 61.8% Fibonacci retracement level at the 146.400 price level.If the price of USD/JPY rises above the 200-day SMA, the 156.000 price level should be considered the next resistance level.
Read More: Technical Analysis
Traders are sitting in long positions
Before the US elections, Dukascopy traders' positions were bullish, with 68% of open positions being long.
Currently, traders' sentiment suggests no clear directional bias for USD/JPY, with 53.70% of traders who opted to trade the pair being long, while the remaining 46.28% are short.
Currently, traders' sentiment suggests no clear directional bias for USD/JPY, with 53.70% of traders who opted to trade the pair being long, while the remaining 46.28% are short.