On Friday, the US Dollar rose by 58 pips or 0.54% against the Japanese Yen. The surge was stopped by a resistance cluster formed by the 55– and 100– hour SMAs near the 108.00 level during Friday's trading session.
Economic Calendar
Next week, on Wednesday, all of the markets will move due to the release of the US Federal Reserve Federal Funds Rate at 18:00 GMT. The USD/JPY has moved 7.8 to 34.5 pips on the announcement since September 16.
On Thursday, at 12:30 GMT, the US Advance GDP will be released. This event has caused USD/JPY move only from 6.0 to 21.1 pips.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term daily review
Technical indicators suggest that the currency pair could edge lower within this session. The potential target for the USD/JPY exchange rate will be near the 107.20 area.However, a support level at the 107.51 area could provide support for the currency exchange rate during the following trading session.
Hourly Chart
USD/JPY daily chart's review
The rate reached the 55-hour simple moving average at the 107.80 mark on its daily candle chart last week on Wednesday and then pierced the SMA the following day.Since Friday, the rate has been extending the range of the short term fluctuations below the SMA.
Daily chart
At the end of the last week, traders on the Swiss Foreign Exchange were 55% short on USD/JPY. On Monday, 53% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 53% to buy. Last Friday, the orders were 73% to buy.