The USD/JPY currency pair consolidated near the Fibo 23.60% at 105.03.
Given that the pair is pressured by the 55- and 100-hour SMAs, it is likely that some downside potential could prevail.
Economic Calendar
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
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USD/JPY short-term daily review
On Wednesday, the USD/JPY currency pair consolidated near Fibo 23.60% at 105.03. During today's morning, the pair maintained its consolidation.It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55– and 100-hour SMAs near 105.30. In this case the rate could gain support from the weekly S2 at 104.59.
On the other hand, it is likely that the currency pair could continue to trade sideways near the Fibo 23.60% within the following trading session.
Hourly Chart
On the daily candle chart, the rate continues to trade downwards, guided by the descending channel.
It is likely that the pair could gain support from the monthly S2 at 104.18.
Daily chart
Read More: Technical Analysis
Traders go long
On Thursday, on the Swiss Foreign Exchange 55% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range were 52% to buy.