- The Swiss traders are 68% bearish on the USD/JPY
- Trader pending orders in the 100-pip range are 54% to buy
- No more relevant data releases for USD/JPY
USD/JPY remains in the previous day's trading range after a failed attempt to pass resistance a level at 113.24. Although, the surge was expected to resume, as the currency rate had found additional support in hourly simple moving averages by the middle of Thursday's trading session near the 112.80 mark.
Latest Fundamental Event
The Census Bureau released US Core Durable Goods Orders data that came out lower than expected of 0.1 compared with forecasted 0.4%. Moreover, the US Durable Goods Orders data came out together with the US Core Durable Goods Orders with the data lower-than-expected of negative 4.4% compared with the forecasted negative 2.2%.
"New orders for manufactured durable goods in October decreased $11.5 billion or 4.4 percent to $248.5 billion", the U.S. Census Bureau announced today.
No more data releases for USD/JPY this week
There are no mentioning worth data releases scheduled for this week. Join the Weekly Calendar analysis webinar on Monday at 12:00 GMT to see, what is worth looking at on the economic calendar during the week.USD/JPY will move downwards
In regards to the near-term future, the US Dollar will move downwards to meet the large ascending pattern line at the 112.72 mark. Afterwards, most likely, the US Dollar will trade sideways to stay at the 112.60 level during the trading session.However, the US Dollar could pass through the supports of the large ascending pattern line and the 61.80 % Fibo at 112.72 to move downwards to trade at 112.40.
Hourly Chart
The lower trend line of the large scale ascending pattern strengthened the support of the weekly S1 at 112.30 level. The combination of these levels managed to force the rate into a rebound.
Meanwhile, note that since Wednesday the currency exchange rate was strengthened by the support of the 55-day simple moving average, which was located at the 112.70 mark. That support is expected to move higher and push the rate upwards in the near future.
Daily chart
Since the middle of Thursday's trading 67% of Swiss Foreign Exchange open USD/JPY positions were short.
In the meantime, trader set up orders in the 100 base point range are no longer neutral. Namely, 55% of trader set up orders are set to buy the pair.
The difference from Thursday's session is that traders are preparing to close their short positions. That is indicated by the set up buy orders.