At GMT midnight to Thursday, the USD/JPY ended trading sideways at the 110.00 level and started a decline. During the early European trading hours, the rate had reached below the 109.80 level. Meanwhile, no support was close by as far as the July low level at 109.54.
Economic Calendar
On Thursday, the weekly US Unemployment Claims could cause minor USD moves.
The week will end with the US Retail Sales data at 12:30 GMT.
In addition, note that the Bank of Japan is set to make a Policy Statement on Friday. However, the bank does not set a time for the event.
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
In the case of a decline, the rate would highly likely reach the July low level at 109.54. In addition, the 109.50 mark could provide support. If these levels would be passed, the pair would have no support as low as the weekly S1 simple pivot point at 109.38.On the other hand, a recovery of the US Dollar against the Japanese Yen would most likely face resistance first at the 110.00 mark. Afterwards, the 55, 100 and 200-hour simple moving averages together with the weekly simple pivot point could provide resistance in the 110.24/110.39 zone.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate is piercing the support of the 55-day simple moving average, which was located at the 109.80 level.Meanwhile, the rate is being approached by the support of the 100-day simple moving average at 109.36.
Daily chart
Since Wednesday, traders on the Swiss Foreign Exchange were 70% short on the USD/JPY currency pair.
On Tuesday, the open position volume was 72% short.
Meanwhile, on Thursday, SWFX traders set up pending orders in the 100-pip range around the rate were 70% to buy.