In the meantime, the pair was set to be moved by the US FOMC Meeting Minutes release at 18:00 GMT.
Economic Calendar
At 18:00 GMT on Wednesday, the US Federal Reserve Meeting Minutes are bound to be published. The details included in the document might be the reason for a USD move.
Hourly Chart
A breaking of the resistance zone could result in the rate approaching the July levels near 136.00/138.00. Meanwhile, note that the weekly R2 simple pivot point at 137.42 might act as resistance.
On the other hand, a decline of the US Dollar against the Japanese yen might encounter support first in the 134.50 level. Further below, note the 50 and 200-hour simple moving averages
USD/JPY daily chart's review
On the daily candle chart, the pair has been trading between the support of the 100-day simple moving average near 132.90 and the 131.25/132.00 zone and the resistance of the 50-day simple moving average near the 135.00 mark.Daily chart
Before the Meeting Minutes release, on the Swiss Foreign Exchange, traders were 71% 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 53% to buy the USD against the JPY.