There are a number of notable upcoming scheduled events to watch.
On June 12 at 12:30 GMT, the United States Consumer Price Index will reveal how inflation has done in the US over the past month. The event will reveal whether the decision to keep US interest rates unchanged has continued to push inflation lower.
On the same day, at 18:00 GMT, the United States Federal Reserve is set to announce its Federal Funds Rate and release the FOMC Statement. In general, the central bank is expected to keep rate unchanged, but the information in the statement will reveal when and how policy changes could occur.
On June 13, the US Producer Price Index will be published at 12:30 GMT. The index shows inflation at the producer level. It is considered that inflation at the producer level results in consumer price increases. However, in most cases that does not occur. Due to this reason the event has a minor impact.
The week afterwards, on June 18 at 12:30 GMT, minor impact could occur due to the publication of the US monthly Retail Sales change. Higher retail sales indicate a healthy economy, but also signal inflation.
USD/JPY hourly chart analysis
If the pair continues to move higher, it is expected to face a resistance zone at 157.50. However, take into account that all round levels impact the rate. Most likely 158.00, 159.00 will act as major resistance to the pair's recovery, before the 160.00 mark is reached.On the other hand, if the Bank of Japan takes action, the rate is set to fall due to a strengthening of the Japanese Yen. In this case scenario watch the 155.00 mark and this week's low level at 154.50.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the pair is being pushed up by the 50-day simple moving average. It has acted as support two times in combination with a round and notable exchange rate level. The SMA could push the pair into the prior high of 160.00 unless the Bank of Japan intervenes once again.Daily chart
After the US employment release, traders were still mostly bullish, as 73% of open positions volume at Dukascopy was in long positions.
In the meantime, pending orders in the 100-pip range around the current price were 89% to buy.