Economic Calendar
On Thursday, the Euro will react to the European Central Bank's announcement of the Main Refinancing Rate and the follow up press conference. The publication of the rate and monetary policy statement is scheduled for 12:15 GMT. The press conference is scheduled for 12:45 GMT.
Meanwhile, between the ECB events, at 12:30 GMT the US Advance GDP is set to be published. The event will impact all US Dollar pairs.
On Friday, the US Core PCE Price Index is scheduled to be published at 12:30 GMT. This inflation measure is watched by the US Federal Reserve when setting their policy.
Hourly Chart
On Wednesday morning the currency pair had reached and pierced the support of the 147.00 mark. An extension of the ongoing decline might look for support in round exchange rate levels at 146.50, 146.00, and 145.50. Eventually, the pair could approach the weekly S1 simple pivot point at 145.19.
Meanwhile, a potential recovery of the US Dollar against the Yen is set to face resistance at 147.50 and 148.00, prior to reaching the weekly simple pivot point at 148.56, the 148.50 level and the 50, 100 and 200-hour simple moving averages.
USD/JPY daily chart's review
On the daily candle chart, the patterns have been broken. However, the September high level zone appears to be acting as support.Daily chart
On Wednesday, on the Swiss Foreign Exchange, traders were 75% short as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 66% to sell the USD against the JPY.