Economic Calendar
USD/JPY short-term review
If the decline of the USD/JPY passes below the support zone at 115.16/115.18, the rate could look for support in the 50-hour simple moving average near 115.05 and the 115.00 level. Below these levels, the most close by support was the weekly R1 simple pivot point at 114.65.However, a resumption of the surge of the US Dollar against the Japanese Dollar would need to pass the weekly R2 simple pivot point at 115.58 and the 115.70 mark, before aiming at the 116.00 level and the weekly R3 simple pivot point at 116.10.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the Federal Reserve has accelerated the pair's recovery from the support of the 113.50 mark. Most recently the surge has moved above the zone of the 2017, 2018 and 2019 high levels at 114.35/114.75.In the case that the surge extends, on the daily candle chart, note the resistance of the November high at 115.50. Above that level, note the January 1 2022 high level.
Daily chart
Read More: Technical Analysis
Traders are short
On Thursday, on the Swiss Foreign Exchange, traders were short, as 71% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 57% to sell.
On Friday, traders were 72% short and pending orders were still 57% to sell.