The USD/JPY passed the resistance of the 114.00 level during early Thursday's trading hours. However, the pair found resistance in the weekly R1 simple pivot point at 114.15. By the middle of the day's European trading hours, the pair had failed two attempts to pass the pivot point.
Economic Calendar
Data releases for this pair, during this week, are over. Next week's events are scheduled to be analysed on Friday.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
In the case that the weekly R1 fails to continue to provide resistance, above the pivot point, the early November high level zone at 114.20/114.28 might act as resistance. Higher above, another high level zone at 114.43/114.47 zone.However, a decline might look for support in the weekly PP at 113.72 and the 200-hour simple moving average 113.66. Further below, take into account the 100-hour SMA and the 50-hour SMA at 113.40.
Hourly Chart
USD/JPY daily chart's review
The 114.40/114.75 zone is the resistance zone of the late 2017 and 2018 high levels.Meanwhile, note the support zone below the 112.50 level. The zone consists of the 2019 and 2020 high levels.
Daily chart
On Thursday, on the Swiss Foreign Exchange, traders were short, as 74% of open position volume was in short positions.
On Wednesday, sentiment was 71% short.
Meanwhile, on Wednesday, trader set up pending orders in the 100-pip range around the rate were 76% to sell.
On Thursday, the orders were 65% to sell.