The USD/JPY has confirmed once again that the 113.40 level and the zone above it can provide support. Namely, the pair bounced off the support level on Wednesday and retraced to the resistance levels near 113.90. Near the 113.90 mark, the pair found resistance in the combination of the 55 and 100-hour simple moving averages
Economic Calendar
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD. The GDP has moved the USD/JPY from 6.0 to 14.6 pips, and the Claims from 5.9 to 12.2 base points.
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
If the USD/JPY surges, it would have to pass the resistance levels near 113.90. Afterwards, the 114.00 mark could keep the rate down. Note that the 114.00 mark is being strengthened by the 200-hour simple moving averages.Meanwhile, a potential decline of the USD/JPY currency exchange rate might look for support in the 113.40 level. A passing of the 113.40 mark might result in a drop to the weekly S1 simple pivot point at 113.08.
Hourly Chart
USD/JPY daily chart's review
The 114.40/114.75 zone is the resistance zone of the late 2017 and 2018 high levels. On Tuesday, the rate almost approached the zone, before starting a decline.Daily chart
On Wednesday, on the Swiss Foreign Exchange, traders were short, as 70% of open position volume was in short positions.
On Thursday, 72% were short.
Meanwhile, on Wednesday, trader set up pending orders in the 100-pip range around the rate were 53% to sell.
On Thursday, the orders were 51% to sell.