By the middle of Thursday's trading session the currency exchange rate had declined down to the 100-hour SMA's support at 107.57.
Economic Calendar
On Thursday, the US Final GDP will be published at 12:30 GMT. This event has caused moves on the USD/JPY from 6.3 to 10.5 pips since June 2018.
The week will end with the US Durable Goods Orders data release at 12:30 GMT. The event will consist of the release of US Durable Goods Orders and US Core Durable Goods Orders.
This event has caused almost insignificant moves since April, as the USD/JPY moved from 7.2 to 11.7 pips. Due to that it is concluded that this event that is tagged as high impact on economic calendars, is not notable enough to be watched.
USD/JPY short-term daily review
During today's morning, the pair was testing the support formed by the 100-hour SMA at 107.58.If the given support and resistance levels hold, it is likely that the US Dollar could trade sideways against the Japanese Yen in the short run.
It is unlikely that some downside potential could prevail in the market, as the exchange rate is supported by the 55-hour SMA and the monthly R1 at 107.46.
If the given resistance does not hold, the currency pair could target the psychological level at 108.00.
Hourly Chart
On the daily candle chart, the pair is located between the resistance of the 100-day simple moving average at 107.85 and the support of the 55-day SMA at 107.20.
The 55-day SMA was supporting the weekly S1, and the 100-day SMA strengthening the weekly PP.
Daily chart
Read More: Technical Analysis
Long position volume increases
On Wednesday, the open USD/JPY position volume on the Swiss Foreign Exchange was 55% long.
On Thursday, 58% of open position volume was in long positions.
Meanwhile, trader set up orders were bearish. Namely, in the 100-pip range 54% of pending orders were set to sell and 46% were to buy.