Economic Calendar
The financial markets might move on Wednesday, at 18:00 GMT. At that time, the Federal Reserve Meeting Minutes will be published. The minutes is a protocol of the prior meeting held by the Federal Open Markets Committee on the US monetary policy. New information might cause an adjustment of the US Dollar's value.
On Thursday, moves could be created by the publication of the European and US S&P Global Services and Manufacturing sector Purchasing Managers Index numbers.
However, reaction could be muted, as markets wait for the Friday's Jerome Powell's speech at the Jackson Hole Symposium at 14:00 GMT.
USD/JPY hourly chart analysis
In the case of a resumption of the prior decline, support is expected to be found in round exchange rate levels. However, the 145.00 mark is expected to be the strongest. In addition, note the weekly S2 simple pivot point at 144.40.Meanwhile, a potential breaking of the 146.00/146.50 range might not be followed by a broad recovery due to the combination of resistance levels from 147.00 up to 148.00. In addition, to the resistance of the round levels, in that range there are located the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point.
Hourly Chart
USD/JPY daily candle chart analysis
The rate's consolidation has ended, before reaching the 150.00 mark. The rate appears to be possibly resuming the decline.For a confirmation that the decline is continuing, watch whether the pair passes below 144.60.
Read More: Technical Analysis
Traders set up sell orders
On Monday, Dukascopy traders positions were bullish, as open position volume was 54% long.
Meanwhile, pending orders in the 100-point range around the rate were 62% to buy.
On Wednesday, before the Fed release, traders were 55% long and orders were 75% to sell.
It appears that traders remain in long positions, but have set up orders to close the long positions and open shorts.
Meanwhile, pending orders in the 100-point range around the rate were 62% to buy.
On Wednesday, before the Fed release, traders were 55% long and orders were 75% to sell.
It appears that traders remain in long positions, but have set up orders to close the long positions and open shorts.