On Tuesday, the US Dollar surged by 55 pips or 0.50% against the Japanese Yen. The currency pair breached the 55– and 100– hour SMAs during Tuesday's trading session.
Economic Calendar
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
Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout.If the breakout occurs, a surge towards the 110.40 area could be expected within this session.
However, if the channel pattern holds, bears might drive the currency exchange rate lower today.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the exchange rate breached the support of the 55-day simple moving average, which was located at the 109.80 level.Meanwhile, the USD/JPY currency exchange rate has found support at the 100- day SMA at 109.50.
Daily chart
Read More: Technical Analysis
Traders are short
On Wednesday, traders on the Swiss Foreign Exchange were 67% short on the USD/JPY currency pair.
Meanwhile, SWFX traders set up pending orders in the 100-pip range around the currency exchange rate were 67% to sell.