In the meantime, it has been spotted that Dukascopy traders have been riding this recovery. On Wednesday, traders were 59% long. By mid-Friday, open positions were 74% long.
Economic Calendar
The week's notable events are over.
Next week, 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 adjustmetn of the US Dollar's value.
USD/JPY hourly chart analysis
A continuation of the decline should look for support in the 100-hour simple moving average near 147.50 and the 200-hour simple moving average near 147.00. Further below, take into account the 146.00/146.50 zone that has acted as support.In the meantime, a potential surge would have to break the 147.90/148.20 and 148.50/148.80 ranges, before testing the recent high levels near 149.30.
Hourly Chart
USD/JPY daily candle chart analysis
Prior analysis: "In general, the background is clear - Bank of Japan is tightening, the Federal Reserve is forced to ease policy. The USD/JPY is heading down and is set to continue to do so. It appears that prior high levels are providing short term support to the rate.In the meantime, the already steep decline has turned vertical. Due to this reason it is likely that one of the support ranges will force the pair into a consolidation by either fluctuating sideways or retracing back up."
Most recently, the pair had consolidated by moving back up.
Read More: Technical Analysis
Traders are long
On Wednesday, Dukascopy traders positions were bullish, as open position volume was 59% long.
Meanwhile, pending orders in the 100-point range around the rate were 74% to buy.
On Friday, traders were 74% long and orders were 55% to sell.
Meanwhile, pending orders in the 100-point range around the rate were 74% to buy.
On Friday, traders were 74% long and orders were 55% to sell.