Economic Calendar
This week, notable events are over. Next week's review is scheduled to be published on Monday.
Hourly Chart
A move above the 129.80 level could encounter resistance in the 130.00 mark, before reaching the 130.50/130.60 zone. Higher above, note the 131.00/131.33 levels. Meanwhile, the 129.80 level is set to be strengthened by the 200-hour simple moving average. In addition, the weekly R1 simple pivot point at 131.18 could strengthen the 131.00/131.33 zone.
However, a decline might find support at 128.75 and 128.50. Further below, the 127.50 level could once again stop a decline, as it did on Thursday.
USD/JPY daily chart's review
On the daily candle chart, the pair has clearly broken the channel up pattern, which guided the rate's surge from the low level of March 30.On May 16, Dukascopy Analytics marked the April and May high level zone as resistance and late April and recent May low levels as support. Namely, resistance is located at 131.20/131.40 and support is at 126.90/127.55.
Daily chart
On Monday, on the Swiss Foreign Exchange, traders were 63% short as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 62% to sell the USD against the JPY.
On Tuesday the sentiment was 63% short and pending orders were 65% to sell.