Economic Calendar
On Wednesday, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.
On Thursday, the US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
Hourly Chart
A recovery from the support zone appears to be slowed down by the 138.00 mark and the 50-hour simple moving average near 138.15. Higher above, note the last week's high levels near 138.50.
Meanwhile, a potential decline of the Dollar against the Yen is set to find support in the 137.50/137.75 zone, the 100-hour simple moving average and the weekly simple pivot point at 137.41. Further below, take into account the 137.00 and 136.50 levels. Besides these levels, there is no technical support as low as 136.30 where the 200-hour SMA was located on Monday.
USD/JPY daily chart's review
On the daily candle chart, the pair has reached the 138.20/139.40 range. Namely, the pair has reached a high level not seen since December 2022.The high and low level range might act as resistance and force the USD/JPY into a decline.
Daily chart
Despite the ongoing surge, on Wednesday, on the Swiss Foreign Exchange, traders were 73% bearish, 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 52% to sell the USD against the JPY.
On Monday, traders were 72% short and orders were 56% to buy. Traders remain short despite the rate surging since late March.