During Friday morning, the USD/JPY currency pair was testing the resistance formed by the weekly R1 and the Fibo 61.80% at 110.70.
If the given level holds, it is likely that the pair could consolidate.
Economic CalendarThis week, there are no events left that could impact the USD/JPY currency pair.
Next week is expected to be relatively calm for the USD/JPY pair.
On Wednesday, the US Durable Goods Orders data will be released at 12:30 GMT.
The week will end with the US Final GDP data release on Thursday at 12:30 GMT.
Meanwhile, next week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
USD/JPY short-term daily review
Yesterday, the USD/JPY currency pair tried to surpass the 111.00 level. During Friday morning, the pair was testing the support formed by the Fibo 50.00% at 109.58.Note that the exchange rate is supported by the 55-hour SMA near 109.10. Thus, some upside potential could prevail in the market. In this case the rate could surpass the 111.50 level.
However, note that the currency pair would have to surpass the resistance formed by the monthly R1 and the Fibo 61.80% at 110.70. If the given level holds, it is likely that the pair could consolidate.
Hourly Chart
On the daily candle chart, the currency exchange rate was recovering, and moving averages now provide technical support in the 108.00 area.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Friday, 54% of open USD/JPY position volume on the Swiss Foreign Exchange was in long positions.