Economic Calendar
On Thursday, a minor USD move might be created by the publication of the weekly US Unemployment Claims data at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
Hourly Chart
If the pair declines below the 123.50 level, the rate might find support in the approaching 50-hour simple moving average near 123.40. Further below, the 123.00 mark and the weekly simple pivot point are highly likely going to act as support.
However, a surge above 124.00 is most likely going to encounter resistance at two zones. Firstly the March 29 high level zone at 124.20/124.31 could stop a surge. Afterwards, the 125.00/125.10 zone is expected to act as resistance. In addition, take into account the 124.50 level and the weekly R1 simple pivot point at 124.74.
USD/JPY daily chart's review
On the daily candle chart, the rate appears to have consolidated the major gains of March, as it surged from levels near 115.00 up to 125.00, in less than a month. From the low level of March at 114.80 up to the high at 125.10 on March 27 there is a distance of 1031 base points or 8.98%.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 57% to sell the USD against the JPY.
On Wednesday, the open positions were 72% short. However, the pending orders were just 64% to buy.