Meanwhile, it was spotted that a majority of traders had remained short, as since Tuesday more than 70% of open position volume was in short positions.
Economic Calendar
The week will end with the US Retail Sales and Core Retail Sales on Friday at 13:30 GMT.
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USD/JPY short-term review
In the case that the rate reaches the 114.00 mark and passes below it, support could be provided by the early December high level zone at 113.87/113.96. Further below, the weekly S3 simple pivot point at 113.51 and the 113.50 level might stop a decline.However, a recovery of the US Dollar against the Japanese Yen might find resistance first in the 114.20 mark, the weekly S2 simple pivot point at 114.23 and the late December resistance and support zone at 114.22/114.28. Above these levels, the rate might find resistance at the 114.40 level, as it had acted as support since mid-Wednesday.
Hourly Chart
USD/JPY daily chart's review
The USD/JPY currency exchange rate has passed the support zone of the 2017, 2018 and 2019 high levels at 114.35/114.75. The zone was passed by the lower trend line of a large scale channel up pattern. Moreover, the 50-day simple moving average was passed.By passing the cluster of technical levels, the rate no longer has additional support on the daily candle chart. The most close by technical level was the 100-day simple moving average near 113.00.
Daily chart
Read More: Technical Analysis
Short traders sit on positions
On Thursday, on the Swiss Foreign Exchange, traders were short, as 71% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 64% to buy.
On Wednesday, the positions were still 72% short. The pending orders were 63% to buy. Namely, traders remain short, but their stop losses and take profits should be close by.