The US Dollar against the Japanese Yen consolidated below the 110.60 level on Thursday. The currency pair traded between the 55– and 100– hour SMAs during Thursday's trading session.
Economic Calendar
USD/JPY short-term review
However, the 55– and 100– hour simple moving averages near the 110.49 area could provide resistance for the currency exchange rate today.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, a breakout through the upper boundary of a descending channel pattern has occurred.Given that a breakout has occurred, bullish traders are likely to continue to pressure the price higher during the coming days.
However, the USD/JPY currency exchange rate could encounter resistance at 110.60 within the following trading sessions.
Daily chart
Read More: Technical Analysis
Traders are short on USD/JPY
On Thursday, traders on the Swiss Foreign Exchange were 70% short on USD/JPY.
On Friday, the sentiment was 69% short.
Meanwhile, on Monday, traders set up pending orders in the 100-pip range around the rate was 60% to buy.