In the meantime, the rate was piercing the support of the channel up pattern, which has guided the rate up throughout February.
Economic Calendar
On Thursday, the publication of the US Consumer Price Index and US Core Consumer Price Index data at 13:30 GMT is set to impact the value of the US Dollar. Note that at the same time, the weekly US Unemployment Claims will be published.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
If the USD/JPY pair recovers, it would have to once again face the resistance of the high level at 115.70. A move above 115.70 might be stopped by the weekly R1 simple pivot point at 115.83Meanwhile, a decline below the 50-hour simple moving average near 115.40 could look for support in the 100-hour SMA near 115.20, before reaching the 200-hour SMA and the weekly simple pivot point in the 115.00/115.10 zone.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate is approaching the November and late January high level near 115.50. The 115.50 mark is expected to act as resistance.Daily chart
Since Monday, on the Swiss Foreign Exchange, traders were short, as 72% of open position volume was in short positions.
Meanwhile, on Monday, trader set up pending orders in the 100-pip range around the rate were 56% to buy. However, on Tuesday, the orders were 59% to sell.
On Wednesday, the sentiment became 75% short and the pending orders were 58% to sell.