USD/JPY respects a moving average

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The USD/JPY eventually passed below the support zone at 137.70/137.90. However, support was almost immediately found in the combination of the 137.50 level and the 200-hour simple moving average. The event resulted in a recovery above 138.00.

During the early hours of Wednesday's trading hours, the pair was fluctuating between the weekly simple pivot point at 137.90 and the resistance of the 100-hour simple moving average near 138.40.

Economic Calendar



On Friday, take into account the US Markit Services and Manufacturing Purchasing Managers Index release at 13:45 GMT. The rate might be impacted through the USD value reacting to the publication.

Hourly Chart
In the case of a USD surge against the Japanese Yen, the rate would have to pass the 100-hour simple moving average near 138.40 and the 138.50 level. Higher above, note recent high levels, which might act as resistance.

On the other hand, a decline of the USD would have to decline below the weekly simple pivot point at 137.90 and the 200-hour simple moving average near 137.65, prior to approaching the 137.50 and 137.00 levels.

USD/JPY daily chart's review

On the daily candle chart, the rate has resumed its 2022 surge, which appears to have been occurring in a wide channel up pattern.

Daily chart




Traders are shorting

On Wednesday, on the Swiss Foreign Exchange, traders were 69% 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 51% to buy the USD against the JPY.

During Tuesday's trading, the positions were 70% short and pending orders were 56% to buy.

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