On Wednesday, the USD/JPY passed the resistance of the three hourly simple moving averages and the 114.00 mark. In addition, by connecting recent high and low levels a channel up pattern was spotted on the hourly candle chart.
Economic Calendar
Wednesday will end with the US Federal Open Markets Committee Statement and Federal Funds Rate publication at 18:00 GMT. The USD/JPY has moved from 15.9 to 53.2 base points during the time of the publication.
On Thursday, at 12:30 GMT, the US Unemployment Claims on Thursday might cause a minor USD move. The rate has moved 5.9 to 12.2 pips, as the Claims are released.
On Friday, US statisticians will publish their monthly employment data sets at 12:30 GMT. The event has moved USD/JPY from 25.4 to 38.4 pips since June 2021.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
If the currency exchange rate continues to surge, it could eventually reach the resistance of the high level zone at 114.42/114.47 and the weekly R1 simple pivot point at 114.49. In addition, the 114.50 mark might act as a resistance. Above these levels, this year's and 2017 high level could be reached.On the other hand, a decline of the USD/JPY might look for support in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 113.84/113.88 range.
Hourly Chart
USD/JPY daily chart's review
The 114.40/114.75 zone is the resistance zone of the late 2017 and 2018 high levels. On Monday, the rate once again moved into the zone. Meanwhile, the 113.50 mark appears to be providing support.Daily chart
Since Tuesday, on the Swiss Foreign Exchange, traders were short, as 72% of open position volume was in short positions.
Meanwhile, on Tuesday, trader set up pending orders in the 100-pip range around the rate were 54% to sell.
On Wednesday, the orders were 64% to sell.