USD/JPY hits new record as traders are short

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The USD/JPY currency exchange rate was steeply rising since March 14 in a channel up pattern. On Tuesday, the pattern was broken to the upside. By the middle of the day's trading, the pair had already reached the 121.00 mark, which acted as resistance. Meanwhile, a minor retracement appeared to have found support in the 120.50 mark.

Economic Calendar



On Thursday, at 12:30 GMT, the US Durable Goods Orders, Core Durable Goods Orders and the weekly Unemployment Claims might cause minor moves on USD charts.

Week's notable events will end with the release of the US Manufacturing and Services PMIs at 13:45 GMT, also on Thursday.

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

Hourly Chart

If the US Dollar continues to gain against the Japanese Yen, the rate would have to pass above the 121.00 mark. Higher above, note the 121.50 and 122.00 level, and the weekly R3 simple pivot point at 122.09.

On the other hand, a retracement downwards is set up to find support in the 120.50 and 120.00 levels. In addition, the 120.00 mark is being strengthened by the weekly R1 simple pivot point. However, in regards to the pivot points take into account that the pair is ignoring the weekly R2 at 120.75.

USD/JPY daily chart's review

On the daily candle chart, the pair has broken the resistance of the 2021 and 2022 surge pattern. The breaking has occurred to the upside. The pair has not been this high since mid-2016.

Daily chart




Traders are short on USD/JPY

On Tuesday, on the Swiss Foreign Exchange, traders were short, as 70% of open position volume was in short positions.

Meanwhile, trader set up pending orders in the 100-pip range around the rate were 67% to buy the USD against the JPY.

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