Downside risks pressured the US Dollar lower against the Japanese Yen on Thursday. AS a result, the USD/JPY currency pair fell by 112 pips or 1.01% during Thursday's trading session.
Economic Calendar
On Friday, the US Final Wholesale Inventories at 2:00pm GMT could cause a minor move on USD pair and commodity price charts.
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
By and large, the exchange rate is likely to continue to edge lower during the following trading session. The potential target for bearish traders will be near the 109.00 level.However, the currency exchange rate could find support near the Fibonacci retracement level at 109.55 within this session.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate remains consistent with the channel up pattern, which has guided the rate since the middle of April. In the case of the channel holding and the rate surging in its borders, a potential target would be the 2020 high zone near the 112.00 level.Meanwhile, it can be spotted that the pair respects round exchange rate levels. The 110.50 has served as support. The 111.00 level has provided both support and resistance.
Daily chart
On Thursday, traders on the Swiss Foreign Exchange were 74% short on the USD/JPY currency pair.
On Friday, the open position volume was 69% short.
On Friday, SWFX traders set up pending orders in the 100-pip range around the rate were 68% to buy.