The USD/JPY continued its decline on Wednesday and Thursday morning. By the middle of Thursday's London trading hours, the USD/JPY touched the 108.60 level.
The rate was expected to reach the 108.44 level, where it would meet with a couple of technical support levels.
Since April 2019, the event has caused moves from 4.7 to 12.4 pips.
On Friday, the US Retail Sales data sets will be out at 13:30 GMT. The release has caused moves from 16.2 to 25.4 pips.
Meanwhile, the week's reaction tables have been published. Take a look at the 11.11-15.11 Event Historical Reactions publication.
Read More: 11.11-15.11 Event Historical Reactions
USD/JPY short-term daily review
On Thursday morning, the USD/JPY had no technical support as low as the 108.44 level. The rate was expected to reach that level.At that level the currency exchange rate would meet with the support of a 38.20% Fibonacci retracement level and the first support level of the simple pivot points.
In the meantime, a channel down pattern has been spotted on the chart. In accordance with it, the rate should trade down gradually. It could reach the mentioned support levels only on Friday.
Hourly Chart
On the daily candle chart, the rate has reached the support of a dominant channel up pattern. The trend line could force the pair into a reversal and a surge, which could reach the 109.00 level.
Daily chart
Read More: Technical Analysis
Short sentiment slightly decreases
On Wednesday, 56% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Thursday's trading the sentiment had declined to 54%. Some traders had closed their short positions during the recent decline.
Meanwhile, trader set up pending orders were bullish. Namely, in the 100-pip range 63% of pending orders were to buy and 37% were to sell.
Previously, the orders were 56% to buy.