USD/JPY hits 2015 high levels

Source: Dukascopy Bank SA
The retracement of the USD/JPY currency exchange rate downwards has ended. The pair's most recent surge is being attributed to the approaching 50-hour simple moving average.

By 14:00 GMT, the pair was approaching the 122.00 mark, which was strengthened by the close by weekly R3 simple pivot point at 122.09.

Economic Calendar



The week's notable events are over. Next week's review will be published on Friday.

Hourly Chart

If the US Dollar reaches above the 122.00 level and the 122.09 pivot point against the Japanese Yen, the pair would have no technical resistance. However, other round exchange rate levels are bound to act as resistance.

On the other hand, a decline might look for support in the 121.50 and 121.40 levels, before approaching the 50-hour simple moving average near 121.10.

USD/JPY daily chart's review

On the daily candle chart, the pair has broken the resistance of the 2021 and 2022 surge pattern. The breaking has occurred to the upside. The pair has not been this high since 2015.

Notable historical high levels have been marked on the chart. On Thursday, the pair was testing the Early 2015 high levels.

Daily chart




Traders are short on USD/JPY

On Thursday, on the Swiss Foreign Exchange, traders were short, as 72% of open position volume was in short positions.

Meanwhile, trader set up pending orders in the 100-pip range around the rate were 54% to sell the USD against the JPY.

On Wednesday, 73% of volume was short and pending orders were 62% to buy.

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