The USD/JPY currency pair exceeded the 107.20 level.
It is unlikely that some downside potential could prevail in the market, as the pair could gain support from the 200-hour SMA.
Economic Calendar
During this week, there are a couple of scheduled macroeconomic data releases that could impact the currency exchange rate.
On Thursday, macroeconomic data set release from the US could impact the market. The US Durable Goods Orders, Final GDP and Unemployment Claims data are set to be published at 12:30 GMT.
Take a look at all of the historical reaction tables by clicking on the link below.
USD/JPY short-term daily review
The USD/JPY currency pair declined to the support level— weekly S2 at 106.09 and reversed north. During today's morning, the pair was trading near the resistance level—the monthly PP at 107.33.If the predetermined resistance holds, it is likely that a reversal south could occur, and the exchange rate could decline to the support formed by the 55– and 100-hour SMAs, as well the Fibo 38.20% near 106.85.
Meanwhile, note that the rate could gain support from the weekly PP and the 200-hour SMA near 107.05. If the given support holds, it is likely that the pair could consolidate in the short run.
Hourly Chart
On the daily candle chart, the 55-day simple moving average continues to provide resistance near the 107.50 mark.
Meanwhile, note that the rate has gained support from the monthly S1 at 106.56.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Thursday, on the Swiss Foreign Exchange 50% of open position volume was in long position.
On Monday, the sentiment was 55% long.
Meanwhile, 83% of set up pending trade orders in a 100-pip range around the exchange rate were set to sell.