On Friday morning, the USD/JPY currency pair was consolidating the psychological level at 108.60.
Given that the pair is supported by the 100-hour moving average, it is likely that some upside potential could prevail in the market.
Economic CalendarThis week there are no events left that could affect the USD/JPY pair.
Next week, there will be one data release, which might impact the USD/JPY trough a value adjustment of the USD.
On Thursday, the US Durable Goods Orders data will be published at 12:30 GMT.
Read More: 14.10-18.10 Event Historical Reactions
USD/JPY short-term daily review
Since Thursday, the USD/JPY currency pair has been trading sideways at the 108.60 level.Given that the exchange rate is supported by the 100-hour moving average at 108.60, it is likely that some upside potential could prevail in the market. In this case the rate could target the psychological level at 108.90.
On the other hand, the US Dollar, pressured by the 55-hour SMA, could continue to trade sideways against the Japanese Yen within the following trading session. It is unlikely that bears could prevail, and the rate could drop lower than the Fibo 38.20% at 108.44.
Hourly Chart
On the daily candle chart, the low level of October 3 has provided with a reference point for drawing simple trend patterns. Dukascopy Analytics added an ascending channel pattern. This pattern could guide the rate higher until the end of the year.
Meanwhile, the rate surpassed the 38.20% Fibonacci retracement level at 108.43 and is testing the 200-day moving average.
Daily chart
Read More: Technical Analysis
Swiss traders are neutral
On Friday, 51% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader set up orders were slightly bullish. Namely, in the 100-pip range 56% of pending orders were to buy and 44% were to sell.