During Tuesday's early trading, the pair fluctuated in the 136.30/136.80 range, as it appeared to be trading around the 136.50 mark.
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 US Dollar moves higher against the Japanese Yen, the currency pair might encounter resistance almost immediately in the 137.00 mark. Higher above, note the 100-hour simple moving avearge near 137.30, the 137.50 level and the 200-hour simple moving average at 137.84.
On the other hand, a decline of the pair could look for support in the 136.00 and 135.50 levels.
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. The recent drop of the pair has not reached the lower trend line of the channel.Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were 73% 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 57% to sell the USD against the JPY.