By the middle of the day's European trading, the rate had reached above 151.30. At the moment of writing, the rate appeared to be unstoppable.
Economic Calendar
On Monday, look out for the Markit Services and Manufacturing sector Purchasing managers Indices. The European release is set to occur from 07:15 up to 08:00 GMT. The UK data will be out at 08:30 GMT. US results will be published at 13:45 GMT.
On Tuesday, the Consumer Board Consumer Confidence survey results might impact the US Dollar's value.
On Thursday, the Euro will react to the European Central Bank's announcement of the Main Refinancing Rate and the follow up press conference. The publication of the rate and monetary policy statement is scheduled for 12:15 GMT. The press conference is scheduled for 12:45 GMT.
Meanwhile, between the ECB events, at 12:30 GMT the US Advance GDP is set to be published. The event will impact all US Dollar pairs.
On Friday, the US Core PCE Price Index is scheduled to be published at 12:30 GMT. This inflation measure is watched by the US Federal Reserve when setting their policy.
Hourly Chart
An extension of the surge could encounter resistance in the upper trend line of a channel up pattern near 151.50. Meanwhile, round levels might continue to impact the rate.
On the other hand, a decline of the pair could look for support in the 151.00 and 150.50 level, before reaching the cluster of support at 150.00.
USD/JPY daily chart's review
On the daily candle chart, the rate has broken the large scale 2022 channel up pattern. It failed to keep the pair down. The USD/JPY has no resistance on this chart.Daily chart
On Thursday, on the Swiss Foreign Exchange, traders were 66% 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 56% to sell the USD against the JPY.
On Friday, the positions were 73% short and pending orders were 54% to buy.