The USD/JPY declined even more than expected during the last 24 hours. Moreover, it continues to plummet, as, at the time of writing, the rate was heading to the 108.00 level.
Moreover, the pair had no technical support levels close by that could stop the decline.
Economic CalendarUSD/JPY short-term daily review
The rate was heading down on Friday. It was expected to be slowed down by the support of round exchange rate levels. For example, by mid-day the rate was headed to the 108.00 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. This trend continued throughout the week.
In general, USD/JPY traders had expected the decline and were correct.
However nobody took profits. Since the middle of Thursday's trading hours, 68% of open position volume was in short positions. The sentiment had not changed during Friday's trading.