The USD/JPY has continued to decline, as by the middle of Thursday's GMT trading hours, the rate had reached and pierced the 103.00 level.
The near term future depended on what would happen at the 103.00 mark.
Economic Calendar
There are no more notable events for the rate this week. However, during Thursday's trading hours the next week's event review is set to be published. The article will be available in the Fundamental Analysis section.
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
From the one hand, it is likely that the exchange rate could gain support from the weekly S3 at 103.00 and reverse north in the short term. In this case the rate could re-test the weekly S1 at 103.76.From the other hand, it is likely that the currency pair could remain under pressure by the 55-, 100– and 200-hour moving averages in the 103.60/104.00 area. Thus, bears could continue to prevail in the market.
Hourly Chart
On the daily candle chart, the rate has passed the November low level of 103.20. Next target for the rate on the daily candle chart could be the 2020 low level of 102.00.
Daily chart
Since Tuesday, on the Swiss Foreign Exchange 68% of volume was in long positions. On Thursday, the sentiment had become 66% long.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 79% to buy the pair.