On Wednesday, the USD/JPY's decline reached a new low level, as the rate touched the 103.65 level.
However, after trading sideways, the rate began a recovery on Thursday, which reached the resistance of the 104.20
Economic Calendar
On Thursday, expect the usual US Unemployment Claims at 13:30 GMT.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term daily review
It is likely that the exchange rate could face the resistance area formed by the 100– and 200-hour SMAs, as well the weekly PP in the 104.30/104.70 range. Thus, a reversal south could occur in the short run.In the meantime, note that the currency pair could gain support from the 55-hour moving average near 104.00. Therefore, the pair could target the Fibo 23.60% at 105.00.
Hourly Chart
On the daily candle chart, the rate has once again passed the broken support of the descending triangle pattern.
In regards to the long term future, the rate could aim at the low level of 102.00, which was reached in March.
Daily chart
Read More: Technical Analysis
Traders are long
On Thursday, on the Swiss Foreign Exchange 60% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 61% to buy the pair.