After touching the 114.70 level, the USD/JPY currency exchange rate began a decline. On Wednesday morning, the pair found support in the 55-hour simple moving average near 114.30. The event resulted in an apparent recovery of the USD/JPY, which could once again test the resistance of the 114.70 mark.
Economic Calendar
On Thursday, at 12:30 GMT the weekly US Unemployment Claims might cause a minor USD move. The claims have moved the rate from 5.9 to 24.7 base points since September 16.
At 13:45 GMT on Friday, the week's notable events will end with the publication of the US Manufacturing and Services PMIs. The USD/JPY has moved has moved from 6.5 to 11.9 pips allegedly due to the release since May 21.
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
If the USD/JPY surges above the 114.70 level, it would most likely encounter resistance at the 115.00 mark. The round exchange rate level is bound to serve as a resistance. Above the 115.00 level, the weekly R1 simple pivot point could stop a surge at 115.11.Meanwhile, a decline would again look for support in the 55-hour simple moving average near 114.30. Below the 55-hour SMA, the 100-hour SMA might provide additional support.
Hourly Chart
USD/JPY daily chart's review
The 114.40/114.75 zone is the resistance zone of the late 2017 and 2018 high levels. This zone appears to have started to keep the rate down.Daily chart
Since Monday, on the Swiss Foreign Exchange, traders were short, as 75% of open position volume was in short positions.
The situation changed on Wednesday, as 71% were short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 62% to sell.