On Wednesday, around 17:00 GMT, the USD/JPY currency exchange rate ended trading sideways, as it passed the resistance of the 104.25/104.35 zone and reached the 104.40 level. This event signalled that the rate could extend its gains.
In the meantime, the currency exchange rate had no resistance as high as the 107.75 level.
Economic Calendar
On Thursday, the US CPI data sets and the Unemployment Claims are set to be published at 13:30 GMT.
The week is set to end with the US Producers Price Index on Friday, at 13:30 GMT.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term daily review
As the rate has no resistance as high as the 104.75 level, it is expected to reach for it in the near term future. However, a possible surge could be slowed down by the resistance of the round exchange rate levels. For example, the 104.40, 104.50 and 104.60 levels could slow down the rate, as in the recent past they have proven that they impact the rateHourly Chart
On the daily candle chart, one can observe that the rate faces the additional resistance of the 55-day simple moving average, which was located near the 104.75 level.
Daily chart
Since Tuesday, on the Swiss Foreign Exchange 65% of volume was in long positions.
On Monday, the sentiment was 66% long.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 61% to sell the pair.