The USD/JPY currency pair failed to break the resistance level at 109.70 on Thursday. As a result, the US Dollar declined by 43 pips or 0.39% against the Japanese Yen during Thursday's trading session.
Economic Calendar
Notable events for this week have ended. Expect an update to the calendar section with the next week's event reviews soon.
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
As for the near future, the exchange rate could continue to trade within the 109.75/109.20 levels.However, technical indicators suggest that the currency exchange rate is likely to continue to trend bearish during the following trading session.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the pair is surging in the borders of a channel up pattern, which has guided it since the middle of April. In the meantime, the rate has additional support from the 55-day simple moving average at 109.20.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.
Daily chart
On Thursday, traders on the Swiss Foreign Exchange were 63% short on USD/JPY, as 63% of open position volume was in short positions. Previously, the positions were 65% short.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 56% to buy.