The rate declined in a sharp drop, which by 16:00 GMT was approaching the support of the weekly S1 simple pivot point at 114.74. The pivot point acted as support on March 1 and caused the rates most recent surge to the 115.80 level.
Economic Calendar
On Thursday, at 13:30 GMT, the US Consumer Price Index and Core Consumer Price Index data is set to be released together with the US Unemployment Claims. Namely, all US pairs and assets are expected to react to the news.
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 US Dollar continues to decline against the Japanese Yen and passes below the 114.74, the low level zone at 114.40/114.50 might once again stop a potential decline. Further below, note the February low levels at 114.15/114.20.On the other hand, a recovery of the US Dollar might find minor resistance in the 115.00 mark, before approaching the cluster of resistance levels at 115.25. At that level the 100 and 200-hour simple moving averages are meeting the weekly simple pivot point. Higher above, note the 50-hour simple moving average near 115.50
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has declined below the support of the 50-day simple moving average near 115.00. Further below, take into account the support of the 100-day SMA at 114.50.Daily chart
On Thursday, on the Swiss Foreign Exchange, traders were short, as 71% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 54% to sell the USD against the JPY.
On Friday, 75% of open position volume was in short positions. In the meantime, the pending orders were 81% to buy.