The USD/JPY has revealed that it respects the resistance of the 110.40 level. Meanwhile, support appears to be provided by the 110.10 level and the 100-hour simple moving average.
However, on Tuesday morning, the support of the simple moving average was passed.
Economic Calendar
The top event of all will take place on Wednesday at 18:00 GMT. The US Federal Reserve is scheduled to make a Rate Statement.
On Thursday, the US Advance GDP at 12:30 GMT is bound to move the US Dollar's value. In addition, at the same time the US Unemployment Claims could cause volatility.
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
In the case that the rate surges, the rate would have to pass the 110.40 level before encountering the July 23 high level at 110.60. Take into account that other July high levels are also located at round exchange rate levels. Namely, July 14 high is at 110.70 and the July 7 high is at 110.80.However, a potential decline of the pair would find support in the 110.00 mark, the weekly simple pivot point at 110.09 and the 200-hour simple pivot point at 110.05.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY has the additional support of a 61.80% Fibonacci retracement level and the 55-day simple moving average at the 110.00 level.Daily chart
Since Friday, traders on the Swiss Foreign Exchange were 67% short on the USD/JPY currency pair.
On Tuesday, 65% of open position volume was in short positions.
Meanwhile, SWFX traders set up pending orders in the 100-pip range around the currency exchange rate were 56% to sell.