The rate aimed for the low level of 109.17, which it did not reach, as the additional support of the 200-hour SMA approached and caused a surge.
On Friday, the currency exchange rate was trading flat around 109.35 and was expected to get squeezed between the 200-hour SMA from below and the 55 and 100-hour SMAs from above.
USD/JPY short-term daily review
Note that the exchange rate is pressured by the 55– and 100-hour moving averages, currently located circa 109.45. This, it is unlikely that some upside potential could prevail in the market.Hourly Chart
Since Tuesday, 72% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
The proportion slightly changed on Friday, as 71% was short.
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.