The USD/JPY has been consolidating by trading sideways near the weekly S1 simple pivot point at 105.37.
Moreover, on Tuesday, the rate retraced back up to the 55-hour simple moving average.
Economic Calendar
Notable macroeconomic events are set to start with the biggest and most important of them all, the Federal Reserve is scheduled to make a Rate Statement and Rate Announcement on Wednesday, at 18:00 GMT.
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
Click on the link below to find out more about the data releases.
USD/JPY short-term daily review
During today's morning, the pair was testing the 55-hour SMA near 105.75.If the given moving average holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate could gain support from the Fibo 23.60% at 105.03.
Otherwise, it is likely that the currency pair could trade upwards in the nearest future. Note that the pair would have to exceed the monthly S1 at 106.05.
Hourly Chart
On the daily candle chart, the rate failed to pass the resistance of the 55 and 100-day SMAs near 107.40.
Previously, the rate was making attempts to pass the lone resistance of the 55-day SMA since July 9. The SMA kept the rate down.
Meanwhile, Dukascopy Analytics have spotted a channel down pattern, which has guided the rate since the start of June.
Daily chart
On Monday, on the Swiss Foreign Exchange 53% of open position volume was in long positions.
On Tuesday, the sentiment was 52% short.
Meanwhile, trader set up pending orders in the 100-pip range were 58% to buy.
The orders were previously 71% bullish.