USD/JPY awaits for Bank of Japan

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The USD/JPY currency exchange rate has plummeted, as the markets have taken in the Federal Reserve rate hike and new macroeconomic information that impacts the US Dollar. On Thursday, the pair traded near the 132.50 level.

Economic Calendar



On Friday, the top event for the Japanese Yen is set to occur. However, no pre-set time is available for the event. Namely, the Bank of Japan is set to release its Monetary Policy Statement and host a press conference.

The bank does not set a time until the last moment to avoid market volatility.

Hourly Chart
If the pair continues to decline, support might be found in the 132.00 level, the weekly S1 simple pivot point at 131.69 and the 131.50 mark.

Meanwhile, a recovery of the US Dollar against the Japanese Yen is set to encounter resistance in the combination of the 133.00 level and the weekly simple pivot point at 133.12. Higher above note the 133.50 level, the 200-hour simple moving average at 133.78, the 134.00 level and the 50 and 100-hour simple moving averages near 134.35.

USD/JPY daily chart's review

On the daily candle chart, the rate has shortly reached above the 2002 level at 135.00. However, it appears that a zone around this level is acting as resistance to the surge.

On Thursday, the rate declined from the resistance and was heading for the late April and early May high levels near 131.30/131.40.

Daily chart




Traders set up buy orders

On Thursday, on the Swiss Foreign Exchange, traders were 73% 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 61% to buy the USD against the JPY.

On Tuesday, the open positions were 73% short and pending orders were 53% to sell.

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