During early Friday's trading hours, the USD/JPY shortly pierced the support of the 109.00 level and the 200-hour simple moving average. However, support was provided by the May 3 low level zone of 108.90/108.95.
By the middle of Friday's trading, the rate was fluctuating between the support of the 109.00 level and the 200-hour simple moving average and the resistance of the 55 and 100-hour simple moving averages near 109.25.
Economic Calendar
The USD/JPY could react to the release of the US Unemployment Rate, Average Hourly Earnings and Non-Farm Employment Change on Friday at 12:30 GMT. Since December, the rate has moved from 19.7 to 34.0 pips.
Next week, the rate could move due to the US CPI on Wednesday at 12:30 GMT. The pair has moved from 8.1 to 27.1 pips on the release.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the pair, as the release had moved the pair from 9.3 to 16.7 since December.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
If the rate passes the resistance of the 55 and 100-hour simple moving average, the pair could reach for the resistance zone near the 109.50 mark.On the other hand, a potential decline below the 109.00 level and the 200-hour SMA would find support in the mentioned 108.90/108.95 zone.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, it can be observed that the rate's recent surge was supported by the 55-day simple moving average. Most recently, the simple moving average had reached the 50.00% Fibonacci retracement level at 108.57.Daily chart
On Friday, traders on the Swiss Foreign Exchange were 62% short on USD/JPY.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 61% to buy the pair.