On Thursday, the US Dollar declined by 27 pips or 0.25% against the Japanese Yen. The decline was stopped by the 200– hour simple moving average at 110.04 during Thursday's trading session.
Economic Calendar
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USD/JPY short-term review
All things being equal, the currency pair could continue to edge higher in an ascending channel pattern during the following trading session. The potential target for the exchange rate will be near the 110.63 level.However, given that the currency exchange rate is currently trading near the lower boundary of an ascending channel pattern, a breakout might occur within this session.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the exchange rate breached the support of the 55-day simple moving average, which was located at the 109.80 level.Meanwhile, the USD/JPY currency exchange rate has found support at the 100- day SMA at 109.50.
Daily chart
Read More: Technical Analysis
Traders are short
On Friday, traders on the Swiss Foreign Exchange were 67% 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 58% to sell.