Economic Calendar
On Tuesday, the CB Consumer Confidence index might impact the markets via an adjustment of the US Dollar's value at 14:00 GMT.
On Thursday, the markets might react to the publication of the US Final GDP data release. However, the Final release is the one with the less impact of the three US GDP releases.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to reveal how the consumer goods prices are doing in the USA. The markets expect an increase of 0.2%.
USD/JPY hourly chart analysis
An extension of the short term decline could look for support in the 100-hour simple moving average and the 143.00 level. Further below, take into account that the weekly simple pivot point might act as support at 142.63, before the rate reaches the 141.65/142.00 range.On the other hand, a recovery of the US Dollar against the Yen is set to face the 143.45/143.80 zone and the 144.50 mark.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, the rate found support in the major support and resistance range. A recovery has broken the large scale channel down pattern.The USD/JPY could soon reach the resistance of the 50-day simple moving average and teh late August high level near the 146.50 level.
Read More: Technical Analysis
Traders remain long
On Monday, Dukascopy traders positions were bullish, as open position volume was 71% long.
Meanwhile, pending orders in the 100-point range around the rate were 78% to sell.
On Thursday, open position volume was 72% long and pending orders were 73% to sell.
Traders have been long long before the rate started the recovery. It appears that some prior losses might be recovered.
Meanwhile, pending orders in the 100-point range around the rate were 78% to sell.
On Thursday, open position volume was 72% long and pending orders were 73% to sell.
Traders have been long long before the rate started the recovery. It appears that some prior losses might be recovered.