The US Dollar rose by 55 pips or 0.50% against the Japanese Yen on Friday. The surge was stopped by the 200– hour simple moving average at 110.20 during Friday's session.
Economic Calendar
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USD/JPY short-term review
Given that the USD/JPY exchange rate failed to surpass the 200– hour SMA, bears are likely to pressure the currency pair lower during the following trading session.However, sellers would encounter the weekly support level at the 109.64 area within Monday's trading session.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the exchange rate bounced off the support of the 55-day simple moving average, which was located at the 109.80 level.Meanwhile, the rate is being approached by the support of the 100-day simple moving average at 109.36.
Daily chart
Read More: Technical Analysis
Traders are short
On Monday, traders on the Swiss Foreign Exchange were 68% short on the USD/JPY currency pair.
Meanwhile, SWFX traders set up pending orders in the 100-pip range around the currency exchange rate were 57% to buy.