On Friday, the USD/JPY rate traded near the previous levels. In general, the rate could continue to trade flat.
However, some signals of a decline were present on the hourly candle chart.
At 13:30 GMT on that day, the US Durable Goods Orders, Core Durable Goods Orders and Preliminary GDP are scheduled to be released.
In the meantime, the next week's reaction tables have been published. Take a look at the 25.11-29.11 Event Historical Reactions publication.
Read More: 25.11-29.11 Event Historical Reactions
USD/JPY short-term daily review
Yesterday, the US Dollar consolidated against the Japanese Yen at 108.60. During Friday morning, the USD/JPY currency pair traded at 108.50.Note that the exchange rate is pressured by the 55-, 100- and 200-hour moving averages, currently located in the 108.56/108.71 area. Thus, some downside potential could prevail, and the rate could target the weekly S1 at 108.28.
However, note that the currency pair could gain support of the Fibonacci 38.20% retracement at 108.44. If the given support holds, the Greenback could continue to consolidate against the Japanese Yen in the short term.
Hourly Chart
On the daily candle chart, the pair is set to be supported by the 55-day simple moving average, which on Friday was located at the 108.21 level.
In the meantime, the rate has close by the resistance of the 200-day simple moving average at 108.94.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Wednesday, 60% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader set up pending orders were neutral. In the 100-pip range 49% of pending orders were to buy and 51% were to sell.