Despite the increase of volatility at mid-day on Wednesday, the USD/JPY currency exchange rate traded near previous days levels at mid-day on Thursday.
Economic Calendar
This week, no more data releases will be able to impact the rate. Expect a new review of next week's events later in the day.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
In the near term future, the rate could decline, as it was being pushed down by hourly simple moving averages. A potential decline would most likely look for support in the 108.80 mark. Below that level, the weekly S1 simple pivot point could provide support at 108.56.On the other hand, a surge of the USD/JPY would have to test the resistance of the 55, 100 and 200-hour simple moving averages, the weekly simple pivot point and a potential resistance zone. All of these levels are located from 109.00 to 109.30.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has returned to the support of the 55-day simple moving average. If the rate acts as it did before, the SMA will be pierced for a couple of days and afterwards the surge should resume.In addition, note the Fibonacci retracement levels. Namely, the 50.00% Fibonacci retracement at 108.57 and the 61.80% Fibo at 110.05.
Daily chart
Read More: Technical Analysis
Traders remain short
On Thursday, traders on the Swiss Foreign Exchange were 66% short on USD/JPY.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 54% to buy the pair.