On Monday, the USD/JPY dipped down and resumed its surge by the middle of the day's trading. During the move patterns were being broken.
In general, due to the breaking of resisting trend lines the rate was expected to surge.
US Bureau of Labor Statistics released the US ISM Non-Farm Employment Change data , which came out better-than-expected of 244K compared with the forecast of 162K.
According to the official release: "Notable job gains occurred in professional and business services, in health care, and in transportation and warehousing."
Minor US data and Fed Meeting Minutes
This week the data that will impact the USD/JPY will come from the US. There are FOMC Meeting Minutes incoming and a couple of minor data releases.
The FOMC Meeting Minutes will come first, as they will be published at 18:00 GMT on Wednesday. The event has caused moves on the USD/JPY from 7.9 to 29.1 pips since November 2018.
On Thursday, the US CPI and Core CPI data will be published at 12:30 GMT. The data release has caused moves from 11.5 to 17.5 pips since February.
On Friday, the US Producers Price Index will be released at 12:30 GMT. The event has caused moves from 3.9 to 31.9 pips. Although, note that the 31.9 pip move was actually caused by other announcements being made at the same time as the PPI was published.
For more information watch this week's Economic Calendar Analysis
USD/JPY short-term daily review
On Monday, the USD/JPY broke the resistance of an ascending channel pattern at the 108.60 level.In general, the rate was expected to continue its surge up to the 108.90 level where a monthly pivot point is located at.
On the other hand, the pair could consolidate after last week's surge by trading sideways.
Hourly Chart
On the daily candle chart, the rate has broken a 38.20% Fibonacci retracement level at 108.43.
In general, the rate was heading to the resistance of the 55-day simple moving average, which on Monday was located at the 109.30 level.
Daily chart
By the middle of Monday's trading session, on the Swiss Foreign Exchange 71% of trader open USD/JPY position volume was in long positions.
Meanwhile, trader set up pending orders were neutral, as 51% of pending commands in the 100-pip range were set to sell and 49% were to buy.