The US Dollar edged higher by 26 pips or 0.24% against the Japanese Yen on Tuesday. The 55– hour simple moving average provided resistance for the exchange rate during yesterday's trading session.
Economic Calendar
On Thursday, the US Consumer Price Index, US Core Consumer Price Index and the US Unemployment Claims are set to be released exactly at 12:30 GMT. Most likely, all USD asset and pair moves from 12:30 to 12:35 could be attributed to these data sets.
The rate has moved from 8.9 to 44.4 pips during the release of the CPI since January 2021, and 7.4 to 21.7 pips on the release of the US Unemployment claims since May 6.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
Everything being equal, the currency pair is likely to continue to edge up during the following trading session. The possible target for the USD/JPY pair will be near the 110.00 area.However, a resistance cluster formed by the 100– and 200– hour SMAs at 109.66 could provide resistance for the currency exchange rate in this session.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the pair is surging in the borders of a channel up pattern, which has guided it since the middle of April. In the meantime, the rate has additional support from the 55-day simple moving average at 109.20.In the case of the channel holding and the rate surging in its borders, a potential target would be the 2020 high zone near the 112.00 level.
Daily chart
On Wednesday, traders on the Swiss Foreign Exchange were 67% short on USD/JPY, as 67% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate have been 60% to buy since Tuesday.