Economic Calendar
On Wednesday, the US ADP Non-farm Employment Change number could impact the US Dollar's value at 12:15 GMT. However, more impact might be caused by the US Preliminary GDP publication at 12:30 GMT.
On Thursday, the US Core PCE Price Index should cause a USD move. Although, the head of the Federal Reserve Jerome Powell has already commented on the data during the Jackson Hole symposium. Due to this reason there might be no currency adjustment.
On Friday, the US monthly employment data will be released at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
In addition, also on Friday, note the US Institute for Supply Management Manufacturing Purchasing Managers Index release at 14:00 GMT.
Hourly Chart
A surge above 146.55 is expected to test the resistance of the 147.00 mark and the weekly R1 simple pivot point at 147.17. However, both of these levels were mostly ignored during Tuesday's high volatility.
In the case of a decline, the pair could look for support in the 100-hour simple moving average near 146.20. Further below, note the cluster of technical levels at 145.70 up to 145.85.
USD/JPY daily chart's review
On the daily candle chart, 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.Recently, the resistance zone was broken, and for almost a week now it has acted as support.
Daily chart
On Wednesday, traders were bearish on USD/JPY, as 69% 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 57% to sell.
On Tuesday, traders were 70% short and orders were 67% to sell.