The US Dollar declined by 30 pips or 0.27% against the Japanese Yen on Tuesday. The currency pair breached the 55– and 100– hour SMAs during Tuesday's trading session.
Economic Calendar
At 12:30 GMT on Thursday, the US Preliminary GDP is set to be published. This event has caused USD/JPY moves from 6.3 to 10.4 pips.
Also on Thursday, the weekly US Unemployment Claims are set to be published at 12:30 GMT. Our analysts have been ignoring this event since February, as it did not have an impact on the USD. This week, another check of the data was done.
The USD/JPY has moved from 5.9 to 21.7 pips since April 22 due to the Unemployment Claims.
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
According to the Dukascopy Analytics' forecast, the USD/JPY currency exchange rate made an upside reversal from an order block at 108.60 within that session.The rate surged 31 pips or 0.29% to 109.15 level, breaking the 200-hour simple moving average and the 109.00 resistance zone.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has clearly passed the support of the 55-day simple moving average. Moreover, the lower trend line of the channel up pattern has been passed.However, on Wednesday, the rate started to increase, as the 50.00% Fibonacci retracement at 108.57 has provided support for the pair. The USD/JPY currency exchange rate is now testing the 55-day SMA and the lower trend line of the ascending channel pattern.
Daily chart
On Wednesday, 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 63% to sell the pair.
On Tuesday, the pending orders were 52% to buy.