Economic Calendar
On Thursday, at 12:30 GMT, the publication of Final US quarterly Gross Domestic Product is set to be published. The release might impact the USD. However, it is usually the Preliminary GDP release, which impact the markets.
On Friday, the US Core PCE Price Index is set to reveal inflation's impact on the consumers. This indicator is seen by the US Federal Reserve as more important than the CPI. The publication is scheduled for 12:30 GMT.
Hourly Chart
A potential recovery is expected to be slowed down by the combination of the 131.00 mark, the 50 and 100-hour simple moving averages and the weekly simple pivot point at 131.11. Higher above, in the case of the pair piercing the 200-hour SMA and the 131.50 level, a surge up to the 132.00 mark could occur.
On the other hand, a decline is set to look for support in 130.50, 130.00 and the 129.64/129.67 range.
USD/JPY daily chart's review
On the daily candle chart, the pair has bounced off the resistance of the 200-day simple moving average near 137.70 and has declined to the 130.50/131.40 support range.On Friday morning, it appeared that the support zone was being pierced. Next target for a broader decline would be the 2023 January and mid-2022 support zone at 126.35/127.25.
Meanwhile, take into account the 55 and 100-day simple moving averages, which could act as resistance near 132.90.
Daily chart
On Tuesday on the Swiss Foreign Exchange, traders were 60% bearish, 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 66% to buy the USD against the JPY.
On Monday, traders were 60% short and orders were 66% to sell.