The resistance of the zone from 109.60 to 109.70 managed to hold. On Thursday, the USD/JPY passed support levels near the 109.50 mark and started to sharply decline.
The pair had no support levels as low as the 109.17 level, which it could reach in the near term future.
USD/JPY short-term daily review
From a theoretical point of view, it is likely that a reversal south could occur in the nearest future. In this case the exchange rate could target the support level formed by the weekly PP and the 200-hour SMA at 109.17.Hourly Chart
Since Tuesday, 72% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader set up pending orders were neutral. In the 100-pip range 50% of pending orders were to sell and 50% were to buy.