The US Dollar rose by 37 pips or 0.34% against the Japanese Yen on Friday. The surge was stopped by the 55– and 100– hour SMAs during Friday's trading session.
Economic Calendar
At 12:30 GMT on Thursday, the US Preliminary GDP is set to be published. This event has caused USD/JPY moves from 6.3 to 10.4 pips.
Also on Thursday, the weekly US Unemployment Claims are set to be published at 12:30 GMT. Our analysts have been ignoring this event since February, as it did not have an impact on the USD. This week, another check of the data was done.
The USD/JPY has moved from 5.9 to 21.7 pips since April 22 due to the Unemployment Claims.
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
During the EU trading hours, the 55– and 100– hour simple moving averages at 108.90 have provided resistance for the currency exchange rate within this session. The rate keeps trading in limbo around both SMAs.Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has clearly passed the support of the 55-day simple moving average. Moreover, the lower trend line of the channel up pattern has been passed.In addition, note the Fibonacci retracement levels. Namely, the 50.00% Fibonacci retracement at 108.57 and the 61.80% Fibo at 110.05. The 50.00% Fibonacci retracement could soon provide support.
Daily chart
On Monday, traders on the Swiss Foreign Exchange were 60% short on USD/JPY.
On Friday, the sentiment was 63% short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 54% to buy the pair.