During early hours of Thursday's trading, the USD/JPY ended trading sideways between two zones.
The end of the consolidation was caused by the catching up of the 55-hour simple moving average from above. The SMA provided the rate with resistance, which was strong enough to push the rate through the support of the 109.60 level.
Notable events for this week are over. Expect the next week's event analysis to be published during the US trading hours of Thursday.
More detailed analysis for each Trading Ideas section pair is bound to be written in the daily publication on Friday.
USD/JPY short-term daily reviewIn the near term future, the rate was expected to reach and test the support zone of the 109.38/109.23 level.
On Thursday, traders were 72% short on USD/JPY. On Wednesday, 74% of volume was short.
The Swiss Foreign Exchange open positions have been mostly short for more than a month. Traders were expecting a retracement down.
However, the rate should go back to approximately 108.00 for these traders to break even.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 70% to buy. The orders were 60% to sell on Wednesday.