The USD/JPY eventually passed the resistance of the weekly R1 simple pivot point at 114.15. The event was followed by a test of the resistance zone of the November high levels at 114.20/114.30.
On Friday morning, the zone provided enough resistance for a decline to begin. By the middle of the day, the decline had pierced the 114.00 mark and the 50-hour simple moving average.
Economic Calendar
Next week, on Tuesday, at 13:30 GMT, the US Retail Sales and US Core Retail Sales are bound to impact the value of the US Dollar. USD/JPY has moved from 12.2 to 25.5 pips on the release.
On Thursday, note that a minor USD move could be caused by the weekly US Unemployment Claims. The pair has moved from 9.0 to 28.5 pips at the time of the claims.
However, on November 10, the move of 28.5 pips was caused actually by the US CPI. Without the November 10 release, the movement range is 9.0 to 12.2 pips.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
If the USD/JPY continues to decline, the pair could find support in the weekly simple pivot point at 113.72, the 200-hour simple moving average at 113.66 and the 100-hour simple moving average at 113.52. Further below these levels, there is no support as low as the 113.00 mark, which is strengthened by the weekly S1 simple pivot point.Meanwhile, take into account that a potential surge of the rate would face the resistance of the weekly R1 simple pivot point at 114.15 and the 114.20/114.30 November high level zone. Moreover, above these levels, another resistance zone is locate at 114.43/114.47.
Hourly Chart
USD/JPY daily chart's review
The 114.40/114.75 zone is the resistance zone of the late 2017 and 2018 high levels.Meanwhile, note the support zone below the 112.50 level. The zone consists of the 2019 and 2020 high levels.
Daily chart
On Thursday, on the Swiss Foreign Exchange, traders were short, as 74% of open position volume was in short positions.
On Friday, sentiment was 72% short.
Meanwhile, on Friday, trader set up pending orders in the 100-pip range around the rate were 53% to sell.
On Thursday, the orders were 65% to sell.