Shortly after Dukascopy Analytics published Wednesday's review, the USD/JPY managed to break the resistance of the 109.20 level. It resulted in a sharp surge that reached 109.60. The rate bounced off this level.
By the middle of Thursday's trading the rate had retreated, consolidated and resumed its surge. Namely, it was set to again test the 109.60.
USD/JPY short-term daily review
During the second half of Thursday's trading, the rate was heading to the resistance of the 109.60 level. The level on its own has shown to provide technical resistance and it is being strengthened by a 50.00% Fibonacci retracement level.Hourly Chart
On Wednesday, 65% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions. By the middle of Thursday's trading, the sentiment was 68% short.
Meanwhile, trader set up pending orders were to sell. In the 100-pip range 83% of pending orders were to sell and 17% were to buy.
Previously, 75% of volume was short.