Economic Calendar
On Thursday, the US Preliminary GDP data publication might move the markets. The market consensus is that the US GDP has increased by 2.8% in the last quarter.
On Friday, markets will adjust to the publication of the US Core Price Index publication at 12:30 GMT.
USD/JPY hourly chart analysis
A potential recovery of the US Dollar against the Japanese Yen could find resistance in the 145.00 mark that is set to be supported by the 200-hour simple moving average. Higher above, note the weekly simple pivot point at 145.48 that might slow down the rate, before it reaches the 146.00/146.50 range.On the other hand, a decline of the pair further would have to pass the 143.50 level, before the rate looks for support in the weekly S1 simple pivot point at 142.92. Even further below, note the 142.00 level and the zone below it.
Hourly Chart
USD/JPY daily candle chart analysis
The rate has confirmed that it is resuming the prior decline, as it has passed the support range that kept it above 144.60/146.00.Most recently, the rate was trying to recover, but faced the resistance of the mentioned range and the upper trend line of a large scale channel.
Read More: Technical Analysis
Traders are bullish
Since Monday, Dukascopy traders positions were bullish, as open position volume was 67% long.
Meanwhile, pending orders in the 100-point range around the rate were 86% to sell on Monday.
By mid-Wednesday, orders were 55% to buy.
Meanwhile, pending orders in the 100-point range around the rate were 86% to sell on Monday.
By mid-Wednesday, orders were 55% to buy.