On Thursday, the US Dollar surged by 38 pips or 0.35% against the Japanese Yen. A breakout occurred through the upper boundary of a descending channel pattern during yesterday's trading session.
Economic Calendar
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
The rate has moved from 21.1 to 66.4 pips on the announcement.
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
Given that a breakout has occurred, buyers are likely to continue to drive the exchange rate higher during the following trading session. The possible target will be next to the 110.41 area.However, the weekly pivot point at 109.99 could provide resistance for the USD/JPY currency exchange rate within this session.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, on Friday, it appeared that the USD/JPY had passed the resistance of the 100-day simple moving average, which kept the rate up since the middle of July.Next notable reisstance on the daily candle chart is the 55- hour simple moving average at 110.01.
Daily chart
On Thursday, traders on the Swiss Foreign Exchange were 66% short on the USD/JPY currency pair.
On Friday, 66% of open position volume was short.
Meanwhile, SWFX traders set up pending orders in the 100-pip range around the currency exchange rate were 62% to sell and 38% to buy.