The USD/JPY pair bounced off the lower boundary of a descending channel pattern at 108.80 on Wednesday. As a result, the US Dollar edged higher by 83 pips or 0.77% against the Japanese Yen during Wednesday's trading session.
Economic Calendar
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
The rate has moved from 21.1 to 66.4 pips on the announcement.
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
The exchange rate was trading near the upper line of the channel pattern during the Asian session on Thursday.If the descending channel holds, a decline towards the weekly S1 at 108.66 could be expected today.
However, if the currency exchange rate breaks the resistance level, the next target for buyers will be near the 110.00 level.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, on Friday, it appeared that the USD/JPY had passed the support of the 100-day simple moving average, which kept the rate up since the middle of July.Next notable support on the daily candle chart is the 50.00% Fibonacci retracement level at the 108.00 level.
Daily chart
On Wednesday, traders on the Swiss Foreign Exchange were 64% short on the USD/JPY currency pair.
On Thursday, 66% of open position volume was short.
Meanwhile, SWFX traders set up pending orders in the 100-pip range around the currency exchange rate were 54% to sell and 46% to buy.