By the middle of Wednesday's trading, the rate had retreated below the weekly R2 simple pivot point and the 50-hour simple moving average near 115.80.
Economic Calendar
The most notable event of the week will be the US and Canadian monthly employment data release on Friday at 13:30 GMT.
However, some might argue that the FOMC Meeting Minutes release on Wednesday at 19:00 GMT might cause a larger move. However, historical data of immediate reactions shows that it is not the case.
On Thursday, the official US Unemployment Claims at 13:30 GMT could create USD volatility. Later on, on the same day, the US ISM Non-Manufacturing Purchasing Managers Index is set to be published at 15:00 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 decline of the US Dollar against the Japanese Yen might look for support in the 115.40/115.50 zone, which is being strengthened by the 100-hour simple moving average and the weekly R1 simple pivot point. Further below, the rate's decline might be stopped by the 200-hour simple moving average at 115.10 and the 115.00 mark.Meanwhile, a recovery of the USD against the Yen could find resistance in the 50-hour SMA and the weekly R2 simple pivot point at 115.80. Above these levels, the weekly R3 simple pivot point at 116.35 remains to be passed.
Hourly Chart
USD/JPY daily chart's review
The daily candle chart has been replaced with the weekly candle chart to reveal the 2017 and 2018 high levels, which have been passed. Note that the late 2016 high level could act as resistance, if the surge continues.Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were short, as 72% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 66% to buy.
During Wednesday's trading, the sentiment as 75% short, and pending orders were 62% to buy.