- The Swiss traders are 72% bearish on the USD/JPY
- Trader pending orders in the 100-pip range are 55% to buy the pair
- On Friday the currency exchange rate was at a critical level
The short version of everything below is - if the pair breaks the resistance at 113.60-113.70, it is highly likely going to surge up to the 114.40 mark. Meanwhile, most traders are short on the USD/JPY.
Latest Fundamental Event
The Bureau of Labor Statistics released US PPI data better-than-expected of 0.1% compared with forecasted 0.00%. Note, that the US Core PPI was released at the same time with the US PPI.
The Producer Price Index for final demand edged up 0.1 percent in November, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices advanced 0.6 percent in October and 0.2 percent in September. On an unadjusted basis, the final demand index moved up 2.5 percent for the 12 months ended in November.
Week ends with US Retail
The US Retail Sales data sets will be out at 13:30 GMT. The event might cause a 20 pip bounce.The above mentioned data release will be covered by Dukascopy Analytics. The event can be watched either on the bank's webinar platform or on our YouTube channel.
USD/JPY short term daily review
USD/JPY is slowly but steadily continuing its surge upwards. By the middle of Friday the pair had made three attempts to surge above the resistance of a pivot point level at 113.60.If that level gets broken, the rate will have a free range without any technical resistance levels up to the 114.40 level where the next notable pivot point is located at. Although, take into account that on Monday new weekly pivot points will be calculated and a pivot point might stand in the way of a surge.
Hourly Chart
On the daily chart the currency exchange rate is once more attempting to break the resistance of the trend line, which connects the recent month high levels.
If that level gets broken, the 114.40 level will be targeted, as it was stated above in the short term forecast.
Daily chart
By the middle of Friday's trading session 72% of trader open positions were short on the USD/JPY.
Meanwhile, trader set up pending orders, stop losses, take profits and position open orders, since the middle of Tuesday's trading 55% of trader set up orders in the 100-pip range were set to buy the USD/JPY.