Due to that event the rate had no technical support as low as the weekly pivot point and the 200-hour simple moving average at 106.15.
Economic Calendar
There are no more data releases or other events scheduled this week that might impact the USD/JPY currency exchange rate.
USD/JPY short-term daily review
During the morning hours the USD/JPY rate passed the support of the 55 and 100-hour simple moving averages near 106.45.Due to that reason a decline is expected. A decline of the currency exchange rate might reach the support of the weekly pivot point and the 200-hour simple moving average near 106.15.
Hourly Chart
On the daily candle chart, the rate is trading in the borders of a large scale descending channel pattern.
Meanwhile, the daily simple moving averages were located far above the currency exchange rate. It is an indicator of the pair being oversold.
Daily chart
Read More: Technical Analysis
Traders remain long
On Wednesday, 71% of USD/JPY open position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, trader set up orders were slightly bearish. Namely, in the 100-pip range 54% of pending orders were set to sell and 46% were to buy.