Economic Calendar
On Thursday, at 13:45 GMT, the US S&P Global Manufacturing and Services PMIs will be published. The survey results could move the USD, if the released results are a lot different from the market forecasts.
On Friday, the markets could react to the publication of the US Durable Goods Orders at 12:30 GMT. However, this data release has not impacted the USD for quite a long period.
USD/JPY hourly chart analysis
In the near term future, the pair is expected to make another attempt to pass the 150.00 mark and the weekly R1 simple pivot point at 149.99. A move above these levels would result in the rate having no resistance as high as the weekly R2 simple pivot point at 150.88 and the 151.00 mark.On the other hand, a decline is expected to be slowed down by the 50, 100 and 200-hour simple moving averages and the 149.00 level. Further below, support might be found in the weekly simple pivot point at 148.67, the 148.50 and the 148.00 levels.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the recovery continued as one level is broken after another. Most recently, the rate reached the 100-day simple moving average near 150.00.On Monday, it appeared that the simple moving average had failed to hold. Next target could be the 200-day simple moving average near 151.75.
Read More: Technical Analysis
Traders remain long
On 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 77% to sell.
On Wednesday, open position volume was 70% long and pending orders were 65% to buy.
Meanwhile, pending orders in the 100-point range around the rate were 77% to sell.
On Wednesday, open position volume was 70% long and pending orders were 65% to buy.