Meanwhile, traders have become even more bullish, as 69% of open positions were long.
Economic Calendar
On Thursday, a minor move could occur due to the weekly Unemployment Claims release at 12:30 GMT. More employed people indicate at more consumer demand that also pushes prices higher.
USD/JPY hourly chart analysis
A move above the weekly R2 and the 154.50 level, is expected to face resistance in the 155.00 mark. Higher above, note the 155.50 level and the weekly R3 at 155.75.In the case of a decline of the USD, the 154.00 level and the weekly R1 simple pivot point could act as support. Below these levels, a stop is likely near the 153.50 level and the 50-hour simple moving average.
Hourly Chart
USD/JPY daily chart's review
The daily candle chart of USD /JPY shows the prior high levels that could all turn into support in the case of a decline. Meanwhile, note the ascending 50-day simple moving average that has passed above 150.00.Daily chart
Read More: Technical Analysis
Traders increase long positions
During Monday's trading, trader open position volume showed that Dukascopy traders were 69% long.
Meanwhile, pending orders in the 100-point range around the rate were 58% to sell the USD/JPY.
Last week, after the inflation data release, positons were 68% long and orders were 58% to sell.
USD/JPY traders have been riding the surge upwards, but appear to have close by stop losses.