Economic Calendar
This week's notable events are over. Next week, there is nothing notable scheduled until Tuesday.
USD/JPY hourly chart analysis
If the rate reaches above the 100-hour SMA and the resistance line, the 155.50 level is set to act as resistance. Meanwhile, note the descending 200-hour simple moving average. That could strengthen the 155.50 level.On the other hand, a decline would have to pass the 153.50 level and the 50-hour simple moving average, before the pair once again reaches the 152.00 mark.
Hourly Chart
USD/JPY daily chart's review
Prior analysis: "On Monday, it appeared that the 100-day SMA was acting as support, despite being ignored during late last week's trading. On Tuesday, the SMA was already passed.The most close by notable support zone is an April and May low level range that is located at 153.50/154.00. Below this zone, note the 2022 high level at 152.00 and the 200-day simple moving average."
On Friday, it was observe that the 2022 high level and the 200-day simple moving average had provided support and caused the retracement back up.
Daily chart
Read More: Technical Analysis
Traders continue to add long positions
On Monday, traders were still bullish as 56% of volume was long. Meanwhile, pending orders were 57% to buy.
By mid-Wednesday, traders were still long, as 58% were in long positions and pending orders were 57% to buy.
On Friday, traders were 64% long and orders were 53% to buy.