The USD/JPY currency exchange rate bounced off the resistance of the 55 and 100-hour simple moving averages on Friday morning. The event resulted in a decline, which reached the 113.40 level. The 113.40 mark provided support and caused a recovery to the 113.80 level.
Economic Calendar
On Wednesday, at 12:30 GMT, the US Durable Goods Orders and Core Durable Goods Orders change data will be published. The rate has moved only 6.1 to 12.1 pips due to the release since May.
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD. The GDP has moved the USD/JPY from 6.0 to 14.6 pips, and the Claims from 5.9 to 12.2 base points.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
USD/JPY short-term review
In the near term future, the pair might decline due to the approaching resistance of the 55-hour simple moving average. A potential decline might look for support in the 113.40 level. Meanwhile, note that the pair has no technical support as low as the weekly S1 simple pivot point at 113.08.However, a surge of the rate would most likely encounter the resistance of the 55-hour SMA near 113.80, the weekly simple pivot point at 113.89 and the 100 and 200-hour simple moving averages near 114.00.
Hourly Chart
USD/JPY daily chart's review
The 114.40/114.75 zone is the resistance zone of the late 2017 and 2018 high levels. Most recently, it appears that the 2017 November high level was strong enough to cause a decline.Daily chart
On Monday, on the Swiss Foreign Exchange, traders were short, as 72% of open position volume was in short positions.
On Friday, 73% were short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 50% to sell.