On Thursday, the USD/JPY currency pair was consolidating the psychological level at 108.80.
Given that the pair is supported by the 55- and 100-hour moving averages, it is likely that some upside potential could prevail in the market.
Economic CalendarThis week there are no events left that could affect the USD/JPY pair.
Next week, there will be one data release, which might impact the USD/JPY trough a value adjustment of the USD.
On Thursday, the US Durable Goods Orders data will be published at 12:30 GMT.
Read More: 14.10-18.10 Event Historical Reactions
USD/JPY short-term daily review
On Wednesday, the USD/JPY currency pair traded sideways at the 108.80 level. During today's morning, the pair maintained its consolidation.Note that the exchange rate is supported by the 55– and 100-hour moving averages, currently located circa 108.60. Therefore, it is likely that bulls could prevail in the market in the short run. A possible upside target is the resistance level formed by the weekly and monthly R1s at 109.14.
On the other hand, the US Dollar could continue to consolidate against the Japanese Yen in the nearest future. Also, it is unlikely that bears could prevail, and the currency pair could decline lower than the Fibonacci 38.20% retracement at 108.44.
Hourly Chart
On the daily candle chart, the low level of October 3 has provided with a reference point for drawing simple trend patterns. Dukascopy Analytics added an ascending channel pattern. This pattern could guide the rate higher until the end of the year.
Meanwhile, the rate surpassed the 38.20% Fibonacci retracement level at 108.43 and is testing the 200-day moving average.
Daily chart
Read More: Technical Analysis
Swiss traders remain long
On Thursday, 52% of open USD/JPY position volume on the Swiss Foreign Exchange was in long positions.
Meanwhile, trader set up orders were slightly bearish. Namely, in the 100-pip range 57% of pending orders were to sell and 43% were to buy.