In the meantime, it was spotted that the surge has been going on in a channel up pattern. In addition, take into account the late 2015 high level at 123.70.
Economic Calendar
There are nine sets of data being released this week, which might cause an impact on currency valuations. Five of the nine are US employment datasets.
The week's notable publications will start on Wednesday at 13:15 GMT, as the ADP Non-Farm Employment Change is set to be published.
Also on Wednesday, at 13:30 GMT, the US Final GDP might cause minor USD moves.
On Thursday, at 13:30 GMT, minor US Dollar moves could occur due to the publication of the weekly US Unemployment Claims.
The top event of the week will occur on Friday, as at 13:30 GMT the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate are set to be published.
The week's events are scheduled to end at 15:00 GMT with the publication of the US Institute for Supply Management Manufacturing Purchasing Managers Index survey results.
Click on the link below to find out more about data releases of this and other currency exchange rates.
Hourly Chart
If the currency exchange rate continues to gain, the pair would have to pass the 122.50 mark's resistance. Afterwards, the rate is expected to find resistance in round exchange rate levels and the upper trend line of the channel up pattern, prior to reaching the late 2015 high level at 123.70.
However, a decline is highly likely going to find support in the 122.00 mark, before approaching the 50-hour simple moving average and the lower trend line of the channel pattern.
USD/JPY daily chart's review
On the daily candle chart, the pair has already passed above the early 2015 high level at 122.00. Next target is the Late 2015 and absolute 2018 high level at 123.75.Daily chart
On Thursday, 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 54% to sell the USD against the JPY.
On Friday, 74% of volume was short and pending orders were 66% to buy.