The 111.50 level held after five attempts to break it. The USD/JPY has plummeted, as it passed all of the support levels from 110.80 to 111.30.
By the middle of Thursday's GMT trading hours, the currency exchange rate was about to approach support levels that were located from 109.18 to 109.38.
Economic CalendarUSD/JPY short-term daily review
Yesterday, the USD/JPY currency pair breached the medium-term ascending channel south. During Thursday morning, the pair dropped to the 110.00 level.Hourly Chart
On Monday, 56% of open USD/JPY position volume on the Swiss Foreign Exchange was in long positions. By the middle of Tuesday's GMT trading hours, the sentiment was 59% short, and on Wednesday, 64% were short.
In general, USD/JPY were expecting the rate to decline instead of surging above the 111.50 mark. They had gained profits on Thursday.
However, they had not taken profits, as 68% of open position volume was in short positions. Some had opened additional shorts, as the rate passed the technical support levels.