USD/JPY decline passes support levels

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The decline of the US Dollar against the Japanese Yen has continued, as by the start of Wednesday's US trading hours, the rate had reached the 114.20 level. In the meantime, the rate had no technical support as low as the 114.00 mark and the weekly S1 simple pivot point at 113.93.

Economic Calendar



Thursday will end with the US ISM Services PMI, which might cause minor volatility.

On Friday, the US is going to publish employment data at 13:30 GMT.

Click on the link below to find out more about data releases of this and other currency exchange rates.

USD/JPY short-term review

If the rate continues to decline, it would most likely look for support in the 114.00 mark and the 113.93 level. Below these levels, note the January low levels at 113.50.

Meanwhile, a recovery of the US Dollar against the Japanese Yen would be set to encounter resistance in the 200-hour simple moving average near 114.60, before aiming at the weekly simple pivot point at 114.81 and the 50-hour simple moving average.

Hourly Chart

USD/JPY daily chart's review

On the daily candle chart, the rate has passed the support of the zone that surrounds the 114.50 level and the 50-day simple moving average. Next support level on the chart was the 100-day simple moving average and the lower trend line of the channel up pattern.

Daily chart




Traders are short

On Wednesday, on the Swiss Foreign Exchange, traders were short, as 73% of open position volume was in short positions.

Meanwhile, trader set up pending orders in the 100-pip range around the rate were 69% to buy.

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