Downside risks pressured the US Dollar against the Japanese Yen on Wednesday. The currency pair dropped by 60 pips or 0.55% during yesterday's trading session.
Economic Calendar
On Wednesday, all of the markets will move due to the release of the US Federal Reserve Federal Funds Rate at 18:00 GMT. The USD/JPY has moved 7.8 to 34.5 pips on the announcement since September 16.
On Thursday, at 12:30 GMT, the US Advance GDP will be released. This event has caused USD/JPY move only from 6.0 to 21.1 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
The USD/JPY exchange rate could continue to trend lower during the following trading session. The possible target for bearish traders will be near the 107.80 level.However, the support cluster formed by the 100– and 200– hour SMAs at 108.23 could provide support for the currency exchange rate within this session.
Hourly Chart
USD/JPY daily chart's review
Since Wednesday, the rate has been piercing the 50.00% Fibonacci retracement level but kept trading slightly above it, after finding support at the 55-day simple moving average at the 108.00 mark on Tuesday.Daily chart
On Thursday, traders on the Swiss Foreign Exchange were 62% short on USD/JPY. Since Monday, the short volume has been rising starting from 53%.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 50% to buy and sell the pair.
Previously, the orders were 63% to buy. Traders removed these orders.