Since the middle of Friday's GMT trading hours, the USD/JPY has fluctuated between the 114.00 and 114.50 levels. On Monday morning, the pair was being approached by the 55-hour simple moving average.
Economic Calendar
USD/JPY short-term review
If the 55-hour SMA provides the USD/JPY with support, a surge could begin. A surge might aim at the resistance of the 115.00 level before reaching the weekly R1 simple pivot point at 115.11.Meanwhile, a failure of the SMA and decline below the 114.00 mark might look for support in the 100-hour SMA near 113.75 and the weekly simple pivot point at 113.64.
Hourly Chart
USD/JPY daily chart's review
Note the zone marked above the 112.00 currency exchange rate. The zone is the 2019 and 2020 high level zone. The USD/JPY has clearly passed the zone.Meanwhile, the 114.40/114.75 zone is the resistance zone of the late 2017 and 2018 high levels.
Daily chart
Read More: Technical Analysis
Traders are short on USD/JPY
On Monday, on the Swiss Foreign Exchange, traders were short, as 75% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 59% to sell.