In that case the weekly S1 at 107.21 would be targeted next.
Economic Calendar
On Thursday, the US Final GDP will be published at 12:30 GMT. This event has caused moves on the USD/JPY from 6.3 to 10.5 pips since June 2018.
The week will end with the US Durable Goods Orders data release at 12:30 GMT. The event will consist of the release of US Durable Goods Orders and US Core Durable Goods Orders.
This event has caused almost insignificant moves since April, as the USD/JPY moved from 7.2 to 11.7 pips. Due to that it is concluded that this event that is tagged as high impact on economic calendars, is not notable enough to be watched.
USD/JPY short-term daily review
On Monday, the USD/JPY currency pair declined to the 107.40 level. During today's morning, the pair was trying to surpass the given level.If the rate declines below this level, the weekly S1 would be targeted next.
On the other hand, the rate could consolidate first by trading sideways around the 107.40 level.
Hourly Chart
On the daily candle chart, the pair is located between the resistance of the 100-day simple moving average at 107.90 and the support of the 55-day SMA at 107.20.
In addition, the 55-day SMA was strengthening the support of the weekly S1.
Daily chart
Read More: Technical Analysis
Sentiment remains unchanged
On Monday, the open USD/JPY position volume on the Swiss Foreign Exchange was 54% long.
Meanwhile, trader set up orders were bullish. Namely, in the 100-pip range 67% of pending orders were set to buy and 33% were to sell.
The orders were 51% to sell on Friday.