Economic Calendar
On Wednesday, the US Retail Sales and Core Retail Sales is bound to impact the USD value at 12:30 GMT.
The top event of the month is scheduled for Wednesday's 18:00 GMT. The US Federal Reserve will publish its Economic Projections and Statement. The central bank is expected to hike interest rates. The question remains among market participants whether a 0.50% or 0.75% hike occurs.
Note that after the official announcement a press conference is scheduled for 18:30 GMT.
Hourly Chart
If the US Dollar resumes its surge against the Japanese Yen, the pair would face resistance in the 134.50, 134.75 and 135.00 levels. Higher above, note the 135.50 mark and the weekly R1 simple pivot point at 135.82.
On the other hand, a potential proper decline is set to look for support in the 133.50 mark, before approaching the support zone at 132.99/133.20. In addition, note the weekly simple pivot point at 133.12.
USD/JPY daily chart's review
On the daily candle chart, the rate has shortly reached above the 2002 level at 135.00. However, it appears that a zone around this level is acting as resistance to the surge.Daily chart
On Monday, on the Swiss Foreign Exchange, traders were 75% short as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 57% to buy the USD against the JPY.
On Tuesday, the open positions were 73% short and pending orders were 53% to sell.