The USD/JPY managed to pass the resistance of the pivot point and three hourly simple moving averages. The move was expected, as these technical levels had also failed on Tuesday.
However, on Thursday, the 100 and 200-hour SMAs began to provide support to the currency exchange rate.
Economic Calendar
On Thursday, the US Unemployment Claims data is set to be published at 12:30 GMT.
On Friday, the US Manufacturing and Services PMIs survey results are going to be released at 13:45 GMT.
Take a look at all of the historical reaction tables by clicking on the link below.
USD/JPY short-term daily review
On Wednesday, the USD/JPY currency pair raised to the 107.20 level. During today's morning, the pair was consolidating near the given level.Given that the exchange rate is supported by the 55-, 100– and 200-hour SMAs near 107.10, it is likely that some upside potential could prevail in the market. In this case the rate could reach the weekly R1 at 107.43.
Meanwhile, if the currency pair fails to exceed the 107.30 level that provided resistance on Wednesday, it is likely that the US Dollar could trade sideways against the Japanese Yen in the nearest future.
Hourly Chart
On the daily candle chart, the rate has failed to pass the resistance of the 55 and 100-day SMAs that are strengthening the weekly R1.
Previously, the rate was making attempts to pass the lone resistance of the 55-day SMA since July 9. The SMA has kept the rate down.
Daily chart
On Thursday, on the Swiss Foreign Exchange 57% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range were bearish, as 58% of orders were to sell.