The USD/JPY broke the resistance of the 55-hour simple moving average and started to test the resistance of the 100-hour SMA first and afterwards the upper trend line of the mentioned pattern.
In the near term future, if the SMA fails, the upper trend line of a channel down pattern could be tested.
Economic Calendar
There are no notable events scheduled for the week that could notably impact the USD/JPY currency exchange rate.
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USD/JPY short-term daily review
If the 100-hour SMA fails to hold, the combination of the upper trend line of the channel down pattern together with the pivot point at 108.37 and the 50.00% Fibo could be reached. Above them, the 200-hour SMA was approaching the rate.In the case of the SMA holding and pushing the rate down, support would be expected from the 108.00 level and the weekly S2 simple pivot point at 108.87.
Hourly Chart
USD/JPY daily chart's review
The rate has reached the 55-hour simple moving average at the 107.80 mark on its daily candle chart on Wednesday and then pierced the SMA the next day.Daily chart
On Thursday, traders on the Swiss Foreign Exchange were 58% short on USD/JPY.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 61% to buy. The previous day, the orders were 65% to buy.