The US Dollar rose by 36 pips or 0.32% against the Japanese Yen on Wednesday. The surge was stopped by the 55– hour simple moving average during Wednesday's trading session.
Economic Calendar
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
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
All things being equal, the exchange rate could continue its downtrend momentum during the following trading session. The potential target for sellers will be near the 110.00 area.However, the weekly support level at 110.46 could still provide support for the USD/JPY currency exchange rate in the shorter term.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate remains consistent with the channel up pattern, which has guided the rate since the middle of April. 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.Meanwhile, it can be spotted that the pair respects round exchange rate levels. The 110.50 has served as support. The 111.00 level has provided both support and resistance.
Daily chart
On Wednesday, traders on the Swiss Foreign Exchange were 72% short on the USD/JPY currency pair.
On Thursday, the open position volume was 74% bearish.
However, on Thursday, traders set up pending orders in the 100-pip range around the rate was 89% to buy.