The US Dollar surged by 46 pips or 0.42% against the Japanese Yen on Wednesday. A breakout occurred through the upper boundary of a descending channel pattern during Wednesday'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
According to the Dukascopy Analytics' forecast, the USD/JPY currency exchange rate continued to rise during the Thursday's trading session.The rate soared 81 pips or 0.74% before the US market opening, breaching the 61.80% retracement level at 109.83 that could provide a resistance to the pair in the near time.
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 during today's trading session.
Daily chart
On Thursday, traders on the Swiss Foreign Exchange were 68% short on USD/JPY.
On Wednesday, 58% was short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 65% to sell the pair on Thursday.