Economic Calendar
This week, the markets could react to the publication of the US Federal Reserve Meting Minutes on Wednesday at 18:00 GMT.
On Thursday, the top event of the week will take place. At 12:30 GMT, the US Consumer Price Index is bound to impact all currency pairs via an adjustment of the value of the US Dollar to the inflation numbers.
On Friday, the US Producer Price Index numbers will reveal how inflation is doing at the producer level. This rate might cause a move, if it deviates a lot from the market forecast. However, due to it being released a day after the consumer inflation, it is unlikely that the PPI numbers create a major market reaction.
USD/JPY hourly chart analysis
On Monday, it appeared that the decline might look for support in the 50-hour simple moving average and the lower trend line of a channel up pattern. If these levels fail, support could be found in the 147.00 level, before the pair reaches the combination of the weekly simple pivot point at 146.43 and the 100-hour simple moving average.In the meantime, a potential resumption of the prior surge is set to face the 149.00 and 150.00 levels. Higher above, note the 151.00 mark and the weekly R1 simple pivot point at 151.21.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the pair has broken the resistance of the late August high level near 146.50.In general, the next target for the surge could be the mid-August high at 149.50 and the 100 and 200-day simple moving averages near 150.50 and 151.80.
Read More: Technical Analysis
Traders reduce long position amount
On Monday, Dukascopy traders positions were bullish, as open position volume was 68% long.
Meanwhile, pending orders in the 100-point range around the rate were 67% to buy.
On Wednesday, open position volume was 71% long and pending orders were 50% to buy and sell.
Meanwhile, pending orders in the 100-point range around the rate were 67% to buy.
On Wednesday, open position volume was 71% long and pending orders were 50% to buy and sell.