During the first half of Wednesday's trading, the pair had passed above the resistance of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 115.05/115.27 zone.
Economic Calendar
On Thursday, the US Unemployment Claims might create a minor move of the USD at 13:30 GMT. Later on, expect the US ISM Services PMI to impact the USD at 15:00 GMT.
The week's most notable event will close the week. Namely, on Friday, at 13:30 GMT the US Employment data sets are set to be published. The release will consist of three numbers - the Average Hourly Earnings change month-on-month, the Non-Farm Employment Change during the month and the Unemployment Rate in February.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
If the US Dollar continues to gain value against the Japanese Yen, the rate is highly likely going to test the resistance of the 115.70/115.80 zone. The resistance zone stopped the rate's attempts at surging during the second half of February. A move above the zone could encounter resistance at 116.00 and 116.13, where the weekly R1 simple pivot point is located at.Meanwhile, a decline of the USD versus the JPY might look for support in the 115.05/115.27 zone, where the moving averages and the weekly simple pivot point are located. Further below, the weekly S1 simple pivot point at 114.74 could once again act as support.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate needs to pass the 2022 high level zone at 116.10/116.35.Most recently, it appeared that the currency exchange rate retraced to the support of the 50-day simple moving average near 115.00 and the 100-day moving average near 114.50.
Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were short, 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 62% to buy the USD against the JPY.
On Wednesday, 74% of open position volume was in short positions. In the meantime, the pending orders were 56% to sell.