The USD/JPY has jumped, as the currency exchange rate has passed almost all technical resistance levels.
At mid-day on Thursday, the currency exchange rate was consolidating by trading sideways between the 104.22 and 104.37 levels.
Economic Calendar
On Thursday, January 28, the US Advance GDP data is set to be released at 13:30 GMT. Also, the US Unemployment Claims data will be published at the same time.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term daily review
It is likely that the exchange rate could gain support from the support level—the weekly R1 at 104.18. Thus, the rate could extend gains in the short term and target the psychological level at 104.80.Meanwhile, note that the currency pair would have to exceed the resistance level—the weekly R2 at 104.51. If the given resistance holds, the pair could bounce off to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 103.75/103.90 range.
Hourly Chart
On the daily candle chart, the rate has broken the channel down pattern, which guided it since June. This signals an end of a half a year trend.
Meanwhile, the rate was finding resistance in the 100-day simple moving average at 104.40.
Daily chart
On Wednesday, on the Swiss Foreign Exchange 64% of open position volume was in long positions.
On Thursday, the sentiment changed, as 55% of volume was long.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 66% to sell.