Economic Calendar
This week lacks notable events. The only event that could cause a market reaction is the publication of the weekly US Unemployment Claims on Thursday at 12:30 GMT.
USD/JPY hourly chart analysis
A move above the 148.50/148.90 range is expected to face the resistance of the weekly simple pivot point at 149.38 and the descending 200-hour simple moving average. In addition, the 150.00 mark is expected to act as resistance. Higher above, note the 152.00 mark and the weekly R1 simple pivot point at 152.34.If the pair resumes the prior decline, the rate is set to look for support in the combination of the 50 and 100-hour simple moving averages near 146.00. Note that the 146.00 mark has acted as support and resistance without the help of other indicators. Further below, the weekly S1 simple pivot point has slowed down a decline at 143.54 and could repeat this act, before the pair reaches the 142.00 mark.
Hourly Chart
USD/JPY daily candle chart analysis
Prior analysis: "In general, the background is clear - Bank of Japan is tightening, the Federal Reserve is forced to ease policy. The USD/JPY is heading down and is set to continue to do so. It appears that prior high levels are providing short term support to the rate.In the meantime, the already steep decline has turned vertical. Due to this reason it is likely that one of the support ranges will force the pair into a consolidation by either fluctuating sideways or retracing back up."
On Wednesday, the pair had consolidated by moving back up.
Read More: Technical Analysis
Traders are long
After the US publication, open positions were 73% long.
Meanwhile, pending orders in the 100-point range around the rate were 55% to sell.
On Wednesday, traders were 68% long and orders were 51% to sell.
Meanwhile, pending orders in the 100-point range around the rate were 55% to sell.
On Wednesday, traders were 68% long and orders were 51% to sell.