On Wednesday, the USD/JPY made another attempt to pass the resistance of the 109.20 level. The level managed to hold and forced the pair into a retreat down to the lower trend line of a channel up pattern.
The future forecasts were based upon whether or not the supporting trend line of the pattern causes a surge.
In the meantime, if you are interested in catching a macroeconomic data move, take a look at the historical move tables.
In addition, note that next week's data tables are scheduled to be published on Thursday.
Read More: 25.11-29.11 Event Historical Reactions
USD/JPY short-term daily review
By the middle of Wednesday's trading session, the USD/JPY had retreated to the lower trend line of a channel up pattern.If the trend line provides support, the rate should in theory once more test the resistance of the 109.20 level. If the 109.20 level fails to hold the pair down, the USD/JPY would have no resistance as high as the weekly R2 pivot point at 109.47.
On the other hand, if the trend line fails, the rate could decline down to the weekly R1 pivot point at 109.07. In the meantime, take into account that the pivot point was being approached by the 55-hour SMA.
Hourly Chart
On the daily candle chart, the pair has pierced the resistance of the 200-day simple moving average at 108.92. It signals that a surge is possible.
Daily chart
Read More: Technical Analysis
Traders remain short
On Wednesday, 65% of open USD/JPY position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, trader set up pending orders were to sell. In the 100-pip range 75% of pending orders were to sell and 25% were to buy.
On Tuesday, 62% of volume was short and 69% of orders were to sell.