It was stopped by the support of the 107.80 level. Note that at that level the rate also stopped the decline, which was caused by the Federal Reserve rate cut.
Economic Calendar
Next week on Thursday, the US Final GDP will be published at 12:30 GMT. This event has caused moves on the USD/JPY from 6.3 to 10.5 pips since June 2018.
The week will end with the US Durable Goods Orders data release at 12:30 GMT. The event will consist of the release of US Durable Goods Orders and US Core Durable Goods Orders.
This event has caused almost insignificant moves since April, as the USD/JPY moved from 7.2 to 11.7 pips. Due to that it is concluded that this event that is tagged as high impact on economic calendars, is not notable enough to be watched.
USD/JPY short-term daily review
On Friday, the USD/JPY had bounced off the support of the 107.80 level and reached the resistance of the 108.00 level during the early hours of the day's trading.In general, it was expected that the rate would be pushed down by the 55 and 100-hour simple moving averages, which were located just below the 108.10 level during the Asian trading session.
On the other hand, if the SMAs fail to keep the rate trading sideways, the pair could surge up to the 38.20% Fibonacci retracement level at the 108.45 level.
Hourly Chart
On the daily candle chart, the pair has broken the resistance of the 100-day simple moving average. After the technical level was passed, it began to provide support at 108.00.
On Friday, the support had moved lower, down to the 107.94 level.
Daily chart
Read More: Technical Analysis
Sentiment remains unchanged
Since the middle of Wednesday's London trading, the open USD/JPY position volume on the Swiss Foreign Exchange was 56% long.
On Friday, the sentiment had decreased to being 55% long.
Meanwhile, trader set up orders were neutral. Namely, in the 100-pip range 51% of pending orders were set to sell and 49% were to buy.
The orders were 51% to buy on Thursday.