Economic Calendar
This week, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
Hourly Chart
In general, the rate is expected to continue to book new high levels until it eventually reaches the 150.00 mark. However, it is set to face the resistance of the upper trend line of the channel pattern and the weekly R3 at 149.90. If these levels hold, the pair won't reach 150.00 by the end of this week.
On the other hand, a potential decline of the US Dollar against the Yen is set to look for support in the weekly R2 at 149.18 and the combination of the 50-hour simple moving average and the 149.00 mark. Further below, take into account the 148.76 level where the weekly R1 simple pivot point is located at.
USD/JPY daily chart's review
On the daily candle chart, the ascending channel pattern has been adjusted to the spot of the recent rebound that started as the rate confirmed the 1998 high level as support.Daily chart
On Wednesday, traders were bearish on USD/JPY, as 57% of open positions on the Swiss Foreign Exchange were short.
In the meantime, trader pending orders in the 100-point range around the current exchange rate were 54% to buy.
On Tuesday, the positions were already 58% short and orders were 60% long.