- The Swiss traders are 53% bearish on the USD/JPY
- Trader pending orders in the 100-pip range are 55% to buy
- US Advance GDP incoming at 12:30 GMT
On Friday, the USD/JPY traded near the low levels of Thursday. However, by trading sideways the rate has pierced through the support of a dominant pattern once more.
On Thursday, the Census Bureau released US Durable Goods Orders data that came out better than expected at 0.8% compared with forecasted negative 1.3%. Moreover, the US Core Durable Goods Orders data came out together with the US Durable Goods Orders with the data lower-than-expected of 0.1% compared with the forecast 0.5%.
The market slightly increased volatility during the data release cover but at the same time, the market did not react on the released datasets at all. The fundamental events cancelled one another out to make the data release pure flat.
US GDP ends the week
There is one data release left this week, which might impact the financial markets through the strength of the US Dollar.
The US Advance GDP will be published at 12:30 GMT. The data release will be covered by Dukascopy Analytics on the bank's webinar platform.
USD/JPY short term analysis
In regards to the near-term future, most likely, the US Dollar will trade sideways in the range due to the support of the 50.00% Fibo and the resistances of the weekly PP at 112.30 and the 55-hour simple moving average.However, the rate could break the resistance levels if the US Dollar will appreciate against the Japanese Yen after the US Advance GDP q/q data release at 12:30 GMT on Friday.
Hourly Chart
On the daily chart it could be observed that the rate was making attempts to decline below the support levels, which were located at the 111.90 mark.
If they would get passed, note that the currency exchange rate would meet with the support of the 100-day simple moving average near the 111.50 level.
Daily chart
By the middle of Friday's trading 53% of traders were short on the pair. Previously, 58% of traders were shorting the pair.
Meanwhile, trader set up orders were slightly bearish, as 53% of all trader set up pending orders were set to sell.
It seems that trades are mostly uncertain about the situation on Friday. Previously, they were clearly expecting a decline of the USD/JPY.