Economic Calendar
On Friday, watch out for the US employment data release. The release is bound to impact the financial markets through the value of the US Dollar. The publication is set to consist of the Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate.
USD/JPY hourly chart analysis
A surge above 147.50 might encounter resistance in the combination of the weekly simple pivot point at 147.70 and the 200-hour simple moving average. Higher above, it is likely that the 148.00 and 148.50 levels act as resistance, before the pair approaches the weekly R1 simple pivot point at 148.74.In the meantime, a decline of the US Dollar against the Yen could look for support in the 146.50 and 146.00 levels, prior to the rate reaching the support of the 145.70 level and the weekly S1 simple pivot point.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has passed below the 100-day simple moving average, as the resistance of the 50-day SMA held near 149.60 and caused the recent decline.Moreover, the pair has passed below the 1998 high level of 147.60 that had previously acted as resistance and support. Most recently, it appeared that the level was turning into a resistance.
In regards to the near term future, note the trend line of the channel up pattern that captures the surge of 2023. Breaking below the trend line could result in a major move. However, support might be found in the 144.60/145.95 range and the 200-day simple moving average near 144.00.
Daily chart
Read More: Technical Analysis
Traders hold onto long positions
After the GDP release, traders were 72% long, but orders were 57% to buy.
On Wednesday, traders were 75% long and pending orders were 51% to buy. Note that during the ongoing decline, Dukascopy traders have been suffering losses, as they expect the broader surge to resume.