This week, the USD/JPY surged above the technical levels near 110.20. Namely, the rate passed the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point.
Economic Calendar
At 13:45 GMT, on Wednesday, Markit is set to publish the US Manufacturing and Services PMIs.
On Thursday, the US Final quarterly GDP and weekly Unemployment Claims are scheduled for 12:30 GMT.
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
In the near term future, the rate could be pushed up by the hourly simple moving averages, as the rate confirmed the 100-hour SMA as support together with the weekly simple pivot point at GMT midnight to Tuesday.A potential surge would test the post Federal Reserve hawkish announcement high level at 110.80. Afterwards, the weekly R1 simple pivot point could provide resistance at 110.85.
On the other hand, a potential decline below the SMAs could look for support in the 110.00 level and the 61.80% Fibonacci retracement level at 109.83.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the recent jump was consistent with the channel up pattern, which has guided the rate since the middle of April.In the case of the channel holding and the rate surging in its borders, a potential target would be the 2020 high zone near the 112.00 level.
Daily chart
On Tuesday, traders on the Swiss Foreign Exchange were 72% short on USD/JPY, as 72% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 55% to sell.