Economic Calendar
This week, all attention will be paid to the US Federal Reserve Rate Statement on Wednesday at 18:00 GMT. It is set to set the tone for the rest of the central banks and the global economy.
In addition, note that on Thursday, the markets will be watching the US Advance quarterly Gross Domestic Product data at 12:30 GMT.
Hourly Chart
If the resistance levels at 138.00 hold, the pair might decline and once again look for support in the 137.00 level. Further below, note the early July high and low level zone near 136.50 and the weekly S1 simple pivot point at 136.42.
However, a move above the 138.00 mark might encounter minor resistance in the 138.50 level, prior to approaching the 139.00 level and the July high levels at 139.35/139.38.
USD/JPY daily chart's review
On the daily candle chart, the rate has resumed its 2022 surge, which appears to have been occurring in a wide channel up pattern.Daily chart
On Friday, on the Swiss Foreign Exchange, traders were 68% short as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 73% to sell the USD against the JPY.
On Monday, the positions were 69% short and pending orders were 69% to sell.