On Thursday, the USD/JPY once again retreated to the support of the 108.80 level, which has kept the rate up throughout this week.
In the meantime, the pair has passed the support of a trend line, which was recently added by connecting the January low levels.
There are no more event scheduled for this week that might impact the USD/JPY currency exchange rate.
Meanwhile, take into account that the next week's event historical move data tables are set to be published by 16:00 GMT on Thursday.
USD/JPY short-term daily review
By 13:00 GMT on Thursday, the USD/JPY had retreated to the support of the 108.80 level, which had kept the rate up throughout the week.If this level fails to keep the rate up due to the pressure of the 55 and 100-hour SMAs that were located near the 109.00 mark, the USD/JPY could decline to the 108.50 level. At that level the weekly S2 pivot point was located at.
On the other hand, the rate could trade sideways until the SMAs push the rate down by approaching it.
Hourly Chart
On the daily candle chart, the pair appears to have been squeezed in between the 55 and 100-day simple moving averages. The 55-day SMA provides resistance at 109.15, and the 100-day SMA provides support at 108.72.
Daily chart
Read More: Technical Analysis
Traders short the USD/JPY
Since Wednesday, 74% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 100-pip range 58% of pending orders were to sell and 42% were to buy.