Economic Calendar
This week, watch out for the US Federal Reserve Federal Open Market Committee Meeting Minutes release on Wednesday at 18:00 GMT.
The meeting minutes might impact the value of the US Dollar by revealing additional details about the recent US rate hike.
Hourly Chart
A resumption of the broader surge is set to face resistance in the combination of the 146.00 level, the weekly R1 simple pivot point at 146.08 and the early Tuesday's high at 145.85. Higher above, the 146.50 and 147.00 levels might act as resistance.
On the other hand, a decline of the rate below 144.90 could be slowed down by the 100-hour simple moving average and the 144.50 and 144.00 levels. Further below, note the combination of the weekly simple pivot point at 143.80 and the 200-hour simple moving average.
USD/JPY daily chart's review
On the daily candle chart, the rate has confirmed that the 50-day simple moving average can still act as support, as it has provided support and caused the recent recovery.On August 10, the rate reached the 145.00/146.00 range, which marks a zone that acted as resistance and support in the second part of 2022. At the end of June and early July of 2023 this range caused the July decline. Most recently, the zone was being tested.
Daily chart
On Tuesday, traders were bearish on USD/JPY, as 63% of open positions on the Swiss Foreign Exchange were short.
In the meantime, trader pending orders in the 100-point range around the current exchange rate are 62% to sell.