After reaching the resistance of a pivot point at 107.47, the USD/JPY began a decline.
By the middle of Friday's GMT trading hours, the USD/JPY had reached below the support of a Fibonacci retracement level at 106.86 and no longer had any technical support as low as 106.56.
Economic Calendar
There are no more events scheduled for this week, which could impact the USD/JPY currency exchange rate.
Take a look at all of the historical reaction tables by clicking on the link below.
USD/JPY short-term daily review
At mid-day on Friday, the GBP/USD passed the support of a 38.20% Fibonacci retracement level at the 106.86 level. Due to this development the pair had no support as low as a monthly pivot point at the 106.56 level.In theory, the rate should sharply decline and reach the support of the monthly pivot point. However, it was spotted that round exchange rate levels were providing minor support. They could slow down or even reverse a decline.
Hourly Chart
On the daily candle chart, the 55-day simple moving average continues to provide resistance near the 107.50 mark. It was one of the causes of the rate's recent decline.
Daily chart
Read More: Technical Analysis
Traders are slightly bullish
On Friday, on the Swiss Foreign Exchange 54% of open position volume was in long position.
Meanwhile, 56% of set up pending trade orders in a 100-pip range around the exchange rate were set to buy.