On December 27, the only close by resistance to the rate was the weekly R1 simple pivot point at 114.91.
Economic Calendar
The week before New Year's has no notable scheduled events. Expect the review of the first week of 2022 to be published mid-day on January 4.
USD/JPY short-term review
In the case that the US Dollar continues to surge against the Japanese Yen, the rate would most likely reach the resistance of the weekly R1 simple pivot point at 114.91. Above the pivot point, the 115.00 mark might act as resistance. Even higher above, the weekly R2 simple pivot point is located at the 115.33 level. Meanwhile, take into account the upper trend line of the channel up pattern.However, a potential decline of the USD against the Yen would most likely look for support in the lower trend line of the channel up pattern and the 50-hour simple moving average near 114.50. Below the 114.50 mark, the 100-hour simple moving average near 114.30 and the mid-December high levels could act as support at 114.23/114.27.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY currency rate has pierced the October high level zone. The next target could be the November high level at 115.50. In the case of this level being passed, the pair will reach a high not seen since January 2017.Daily chart
Read More: Technical Analysis
Traders are short
On Monday, on the Swiss Foreign Exchange, traders were short, as 70% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 67% to sell.