Economic Calendar
This week, on Tuesday at 14:00 GMT, the US Institute for Supply Management Purchasing Managers Index could impact the financial markets through the reveal of the situation in the US services sector and subsequently the US Dollar's value.
Hourly Chart
A move above the 142.00 mark might encounter resistance in the upper trend line of the channel up pattern. A breaking of the pattern could reach the 142.50 mark and the weekly R2 simple pivot point at 142.74.
However, a decline of the US Dollar against the Japanese Yen is set to look for support in the weekly R1 simple pivot point at 141.44. Further below, note the 141.00 and 140.50 levels.
USD/JPY daily chart's review
On the daily candle chart, the pair clearly trades above the July high level zone. If the surge extends, the rate could eventually aim for the 1998 high level at 147.60Meanwhile, the 50-day simple moving average appeared to be acting as support near 136.00. In addition, note the 2002 high level at 135.00 and the approaching 100-day simple moving average near 134.00.
Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were 71% 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 69% to buy the USD against the JPY.
On Monday, traders were 75% short and orders were 60% to buy.