On Thursday, as the US market opened, the USD/JPY jumped. The reason was a tweet by the US President Donald Trump on trade deal progress with China.
The surge managed to pierce the 109.00 level, which signalled that the pair might reach even higher.
Economic Calendar
USD/JPY short-term daily review
The fundamental surge of Thursday pierced the resistance levels that surround the 109.00 level. Due to that reason the pair had no technical resistance levels, as high as the 109.43 mark, where the weekly R1 simple pivot point was located at.Hourly Chart
On Wednesday, 71% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
Just after the sharp surge, 69% of volume was short.
Meanwhile, trader set up pending orders were mostly to sell. In the 100-pip range 89% of pending orders were to sell and 11% were to buy.