On Thursday, the USD/JPY currency rate was sharply surging after finding support in the 200-hour simple moving average. By the middle of the day's London trading, the pair had reached the 109.20 mark.
The future forecasts were based upon what would happen at the resistance of the 109.20 mark.
Meanwhile, take into account that this week's reaction tables have been published. Take a look at the 04.11-08.11 Event Historical Reactions publication.
Read More: 04.11-08.11 Event Historical Reactions
USD/JPY short-term daily review
By the middle of Thursday's trading, the USD/JPY reached and once more tested the resistance of the 109.20 mark.If this level gets passed, the rate should text the resistance of a 50.00% Fibonacci retracement level at the 109.60 mark.
On the other hand, if the pair bounces off the 109.20, it should look for support in the 109.04 to 108.91 range, where two pivot points and the 55-hour simple moving average are located at.
Hourly Chart
On the daily candle chart, the rate has passed the resistance of the 200-day simple moving average. The SMA on Wednesday began to provide technical support. Previously, the SMA kept the rate down throughout October.
Daily chart
Read More: Technical Analysis
Sentiment is almost neutral
Since Wednesday, on the Swiss Foreign Exchange USD/JPY open position volume was almost neutral. 52% of open volume was short and 48% was long.
Meanwhile, trader set up orders were majorly bearish. Namely, in the 100-pip range 67% of pending orders were to sell and 33% were to buy.
The orders were 70% to sell on Wednesday.