Given, that the pair is supported by the 55- and 100-hour SMAs, the US Dollar could consolidate against the Japanese Yen in the short term.
Economic Calendar
This week there are couple of events that could move the USD/JPY pair.
Today, the US Consumer Price Index will be published at 12:30 GMT. Last time, this data release caused a 23-pip move.
The week will end with the US Retail Sales data release at 12:30 GMT on Friday, September 13.
USD/JPY short-term daily review
On Wednesday, the USD/JPY currency pair reached the resistance level formed by the weekly R2 at 108.13. During today's morning, the pair reversed south from the given resistance.Note that the exchange rate is supported by the 55– and 100-hour SMAs, currently located at 107.66 and 107.52 respectively. Thus, bulls could prevail in the market in the short term. A possible upside target could be the Fibo 38.20% at 108.44.
On the other hand, the Japanese Yen could consolidate near the given resistance level against the Greenback in the short term. Also, it is unlikely, that bears could prevail, and the pair could drop lower than the weekly R1 at 107.52.
Hourly Chart
On the daily candle chart, the pair is heading to the resistance of a dominant channel down pattern, which should be met at 108.00.
Due to that fact the daily candle chart should be mainly focused on.
Daily chart
Read More: Technical Analysis
Traders remain long on USD/JPY
On Thursday, 55% of open USD/JPY position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, trader set up orders were set to sell. Namely, in the 100-pip range 56% of pending orders were set to sell and 44% were to buy.