Since early Tuesday's European trading hours, the US Dollar has been testing the 109.50 level against the Japanese Yen. In the meantime, the rate has been finding support in the 55 and 100-hour simple moving averages, which have been slowly moving higher.
Economic Calendar
The USD/JPY could react to the release of the US Unemployment Rate, Average Hourly Earnings and Non-Farm Employment Change on Friday at 12:30 GMT. Since December, the rate has moved from 19.7 to 34.0 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 review
In the case of the rate passing the resistance of the 109.50 level, the USD/JPY currency exchange rate could aim at the resistance of the 109.83 level near 61.80% Fibonacci retracement level.On the other hand, a potential decline would have to pass the support of the mentioned simple moving averages and afterwards the lower trend line of the channel up pattern, which captures the rate's surge since April 24.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, it can be observed that the rate's recent surge was supported by the 55-day simple moving average. On Wednesday, the simple moving average had reached the 50.00% Fibonacci retracement level at 108.57.Daily chart
On Wednesday, traders on the Swiss Foreign Exchange were 63% short on USD/JPY.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 51% to buy the pair.