The USD/JPY continued to ignore technical levels. After passing various support levels and trading below them, on Tuesday, the rate began a sharp surge. By the middle of Wednesday's GMT trading hours the rate had jumped above the 110.40 level.
In general, the surge was caused by fundamentals associated with the coronavirus, as the Japanese Yen has been abandoned as a safe haven asset. Instead gold has been bought as a safe asset.
A report on the surge is set to be released by Dukascopy Analytics in the near term future.
Economic CalendarUSD/JPY short-term daily review
By the middle of Wednesday's London trading hours, the pair had passed a pivot point at 110.40. Due to that reason, the most close by technical resistance was a cluster of technical levels near 110.70.Hourly Chart
Since Monday, 71% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday, 72% of volume was short.
Meanwhile, in the 100-pip range 70% of pending orders were to sell and 30% were to buy.