Economic Calendar
On Friday, the value of the US Dollar is most likely going to adjust to the publication of the US Consumer Price Index and Core Consumer Price Index changes at 13:30 GMT. The rate has moved 19.1 to 30.4 pips due to the release since July 2021.
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USD/JPY short-term review
A passing of the high level zone at 113.88/113.97 might result in a surge to the weekly R2 simple pivot point at 114.53. However, note that the 114.00 and 114.50 levels might act as resistance.Meanwhile, a decline of the pair is highly likely going to find support in the weekly R1 simple pivot point at 113.69, the 50 and 100-hour simple moving averages near 113.60 and the 200-hour SMA at 113.30.
Hourly Chart
USD/JPY daily chart's review
The USD/JPY passed the support of the 50-day simple moving average. Further support could be provided by the 2019 and 2020 high level zone, which was broken in October.However, a proper recovery from the 112.60 mark might serve as a basis for an adjustment of the zone's borders. Namely, the 2019 and 2020 high level zone would be adjusted to include the 112.60 level.
Daily chart
Read More: Technical Analysis
Traders are short on USD/JPY
On Thursday, on the Swiss Foreign Exchange, traders were short, as 74% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 58% to buy.
On Friday, the positions were 71% short and orders were 55% to sell.