If the rate could pass this level, it would face no technical resistance as high as 108.44 where a 38.20% Fibonacci retracement level was located at.
Economic Calendar
Today, the US Federal Reserve Meeting Minutes are set to be published at 18:00 GMT. Since February the event has caused moves from 7.7 to 15.3 base points. This week's data releases, which might impact the USD/JPY, are over.
Next week, there will be one data release, which might impact the USD/JPY through a value adjustment of the USD.
On Wednesday, at 12:30 GMT the US Retail Sales and US Core Retail Sales are scheduled to be released. Since May, the event had caused moves on the USD/JPY charts from 12.2 to 24.8 base points.
Meanwhile, take into account that next week there will be other events, which are expected to cause larger reactions on other currency exchange rates. Take a look at the published historical data tables by clicking on the link below.
Read More: 14.10-18.10 Event Historical Reactions
USD/JPY short-term daily review
On Friday morning, the USD/JPY was testing the resistance of a pivot point at 108.13.If this level would be passed, the rate could reach next to the 38.20% Fibonacci retracement level at the 108.44 mark.
On the other hand, if the resistance holds, it could force the rate into a retracement down to the 55-hour simple moving average near the 107.60 mark.
Hourly Chart
On the daily candle chart, the low level of October 3 has provided with a reference point for drawing simple trend patterns. On Thursday, Dukascopy Analytics added an ascending channel pattern. This pattern could guide the rate higher until the end of the year.
Meanwhile, by looking at the daily chart it can also be observed that above the previously described Fibonacci retracement level there are no technical resistance levels. Namely, the closest level was the 200-day simple moving average at the 109.05 level.
Daily chart
Read More: Technical Analysis
Swiss traders profit
On Friday, 61% of open USD/JPY position volume on the Swiss Foreign Exchange was in long positions.
Traders were profiting from the surge.
Meanwhile, trader set up orders were bearish. Namely, in the 100-pip range 68% of pending orders were to sell and 32% were to buy.
Previously, the orders were balanced. 50% were set to buy and 50% were set to sell.