On Friday, the USD/JPY currency pair found support in the 121.60 mark. The event was followed up by a recovery, which by the middle of Monday's trading had reached above technical levels at 113.11.
Economic Calendar
On Thursday, a minor USD move could occur due to the weekly US Unemployment claims release at 13:30 GMT.
On Friday, the value of the US Dollar is most likely going to adjust to the publication of the US Consumer Price Index and Core Consumer Price Index changes at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
A continuation of the surge is highly likely going to encounter resistance at the 113.69 level. At that level the weekly R1 simple pivot point is located at. In addition, note the approaching 200-hour simple moving average. However, take into account that the 113.60 mark acted as resistance during the previous week.On the other hand, a decline of the pair would find support in the combination of the 50 and 100-hour simple moving averages and the weekly simple pivot point at 113.11. Below the technical levels, the most close by support is the 112.60 mark.
Hourly Chart
USD/JPY daily chart's review
The USD/JPY passed the support of the 50-day simple moving average. Further support could be provided by the 2019 and 2020 high level zone, which was broken in October.Daily chart
On Friday, 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 63% to sell.
On Monday, the positions were 71% short and orders were 57% to sell.