Economic Calendar
This week, on Tuesday at 14:00 GMT, the US Institute for Supply Management Purchasing Managers Index could impact the financial markets through the reveal of the situation in the US services sector and subsequently the US Dollar's value.
Hourly Chart
In the case of a surge, the pair would have to pass the Friday's high level at 140.80. Higher above the 141.00 mark and the weekly R1 simple pivot point at 141.44 might act as resistance. Higher above, take into account the 142.00 level and the upper trend line of a channel up pattern.
However, a decline of the currency pair would look for support first in the combination of the 140.00 level and the 50-hour simple moving average. Further below, the 139.50 level, the weekly simple pivot point and the 100-hour simple moving average might provide support.
USD/JPY daily chart's review
On the daily candle chart, the pair clearly trades above the July high level zone. If the surge extends, the rate could eventually aim for the 1998 high level at 147.60Meanwhile, the 50-day simple moving average appeared to be acting as support near 136.00. In addition, note the 2002 high level at 135.00 and the approaching 100-day simple moving average near 134.00.
Daily chart
On Friday, on the Swiss Foreign Exchange, traders were 74% 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 50% to buy and sell the USD against the JPY.
On Monday, traders were 75% short and orders were 60% to buy.