USD/JPY books new low level

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The decline of the US Dollar against the Japanese Yen reached below the 147.00 mark at midnight to Wednesday. However, it was followed by a recovery, as the short sellers are taking gains before the release of the US Gross Domestic Product data scheduled for 13:30 GMT. The data set is expected to impact the pair and set its future direction.

Economic Calendar



On Wednesday, at 13:30 GMT, the US Preliminary quarterly GDP is expected to impact the financial markets through the value of the US Dollar.

On Thursday, the publication of the US Core PCE Price Index at 13:30 GMT is most likely going to cause a USD move, as the US monetary policymakers watch this indicator.

USD/JPY hourly chart analysis

A potential resumption of the decline is expected to look for support in the 147.15/147.35 range and the 147.00 mark. Further below, the 146.50 level might act as support, prior to the pair reaching the combination of the weekly S2 simple pivot point and the 146.00 mark.

In the meantime, an extension of the ongoing recovery is set to face the 148.00 mark and the 50-hour simple moving average. Above these levels strong resistance is expected at 148.50/149.00, as the range between these levels has been acting as support and resistance. Moreover, it is strengthened by the weekly simple pivot point and the 100 and 200-hour simple moving averages.

Hourly Chart

USD/JPY daily chart's review

On the daily candle chart, the rate is facing the resistance of the 50-day simple moving average. This technical level is keeping the rate down since November 21. In the near term future, the SMA could approach the 150.00 mark.

Meanwhile, support is provided by the 100-day SMA near 148.00. Below the moving average, note the lower trend line of the large scale channel up pattern.

Daily chart



Traders hold onto long positions

On Monday, traders have been bullish on USD/JPY, as 70% of open positions on the Swiss Foreign Exchange were long.

Meanwhile, trader pending orders in the 100-point range around the current exchange rate were 62% to buy.

On Tuesday, open positions were 72% long. Pending orders were 51% to sell.

By mid-Wednesday, traders were still 72% long and pending orders were 60% to sell. Note that during the ongoing decline, the traders have been suffering losses.

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