Upside risks pressured the US Dollar against the Japanese Yen on Thursday. The currency pair tested the 61.80% Fibonacci retracement level at 109.83 during yesterday's trading session.
Economic Calendar
Notable events for this week have ended. Expect an update to the calendar section with the next week's event reviews soon.
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
The exchange rate is likely to continue the bullish momentum during the following trading session. The possible target for the USD/JPY pair could be near the 110.20 level.However, the weekly resistance level at 109.94 could provide resistance for the currency exchange rate in the shorter term.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate had breached the lower trend line of the channel up pattern on Wednesday and continue its surge after finding support in the 55-day simple moving average.The USD/JPY currency exchange rate may reach the 61.80% retracement level at 110.05 in the nearest time. In the other case, the 61.80% level can provide resistance for the pair and force the rate down.
Daily chart
On Friday, traders on the Swiss Foreign Exchange were 66% short on USD/JPY.
On Thursday, 68% was short.
Meanwhile, on Friday, trader set up pending orders in the 100-pip range around the rate was 54% to sell the pair. Previously, 65% of pending orders were bearish.