The recovery of the USD/JPY ended at the 114.30 level. The USD/JPY did not reach the resistance of the weekly R1 simple pivot point at 114.36, and started a decline. By the middle of Wednesday's European trading hours, the currency exchange rate had reached the 113.55 level.
Economic Calendar
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD. The GDP has moved the USD/JPY from 6.0 to 14.6 pips, and the Claims from 5.9 to 12.2 base points.
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USD/JPY short-term review
A continuation of the decline of the USD/JPY pair might reach the last week's low level at 113.42. The rate found support in this level on Friday, which was followed by the recovery to 114.30.However, another recovery of the rate would have to face the combined resistance of the 55 and 100-hour simple moving averages and the weekly simple pivot point at near 113.90.
Hourly Chart
USD/JPY daily chart's review
The 114.40/114.75 zone is the resistance zone of the late 2017 and 2018 high levels. On Tuesday, the rate almost approached the zone, before starting a decline.Daily chart
On Wednesday, on the Swiss Foreign Exchange, traders were short, as 70% of open position volume was in short positions.
On Tuesday, 75% were short.
On Tuesday, the orders were 68% to sell.