On Tuesday, the recovery of the USD against the Japanese Yen ended at the 113.75/113.78 zone. The rate failed to pass these levels after making three attempts.
Meanwhile, since early Tuesday trading, the pair has been finding support in the 200-hour simple moving average, which has been moving downwards. In addition, the 100-hour SMA had caught up with the pair.
Economic Calendar
On Thursday, a minor USD move could occur due to the weekly US Unemployment claims release at 13:30 GMT. The USD/JPY has moved from 4.7 to 28.5 pips on the releases since November 4.
On Friday, the value of the US Dollar is most likely going to adjust to the publication of the US Consumer Price Index and Core Consumer Price Index changes at 13:30 GMT. The rate has moved 19.1 to 30.4 pips due to the release since July 2021.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
If the USD/JPY continues to decline, it would have to pass the combined support of the 100 and 200-hour simple moving averages near 113.30. Below the SMAs, the weekly simple pivot point at 113.11 might act as support.However, a move up by the currency exchange rate might find resistance in the 113.75/113.78 levels before aiming at the November 29 high level zone at 113.88/113.96.
Hourly Chart
USD/JPY daily chart's review
The USD/JPY passed the support of the 50-day simple moving average. Further support could be provided by the 2019 and 2020 high level zone, which was broken in October.However, a proper recovery from the 112.50 mark might serve as a basis for an adjustment of the zone's borders. Namely, the 2019 and 2020 high level zone would be adjusted to include the 112.50 level.
Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were short, as 74% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 63% to sell.
On Wednesday, the positions were 71% short and orders were 52% to buy.