Economic Calendar
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
In the near term future, the ascending 200-hour simple moving average could push the rate up to the resistance of the 122.50 mark, which might be strengthened by the 50 and 100-hour simple moving averages. A move above the 122.50 mark might encounter resistance in the weekly R1 simple pivot point at 123.44 and the late 2015 high level at 123.70.
However, a decline below the 121.00/121.50 zone would have no technical support as low as the weekly S1 simple pivot point at 120.11. Although, take into account that the 120.50 mark might slow down a potential decline.
USD/JPY daily chart's review
On the daily candle chart, the historical high levels of the USD/JPY currency exchange rate have been marked.Daily chart
On Wednesday, on the Swiss Foreign Exchange, traders were short, as 74% 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 sell the USD against the JPY.