On Thursday, the USD/JPY currency exchange rate passed the support of the 108.80 level. It occurred, as the 55-hour simple moving average approached the rate from above.
In the near term future, the rate was expected to decline.
Economic Calendar
On Thursday, the US Retail Sales and Core Retail Sales are also bound to influence the value of the US Dollar. The rate has moved from 9.3 to 16.7 pips on the release.
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
A potential decline could find support in the 108.50 level, the 50.00% Fibonacci retracement level at 108.35 and afterwards in the weekly S2 simple pivot point at 108.06.The rate could find support and trade sideways above any of these levels until the 55-hour simple moving average catches up with the rate.
Hourly Chart
On the daily candle chart, the rate has passed the lower trend line of the channel up pattern, which captures it 2021 surge. It signals that the almost four month surge of the rate is over.
Daily chart
On Wednesday, traders were 67% short on USD/JPY. On Thursday, the sentiment was 66% short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 91% to buy.
The orders were most likely take profits of the short positions and buy to open long position orders.