Economic Calendar
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
An extension of the ongoing surge might be stopped by the 140.00 mark. Higher above, the combination of the 140.50 level and the weekly R2 simple pivot point could stop the surge of the US Dollar against the Yen.
However, in the case of a decline of the USD support might be looked for in the weekly R1 at 139.18, before the 138.70/138.90 range and the 50 and 100-hour simple moving averages are reached.
USD/JPY daily chart's review
On the daily candle chart, the pair has passed above the 138.20/139.40 range. The pair trades at new 2023 high levels.In the near term future, the rate needs to confirm the prior resistance as support and pass the 140.00 mark, before approaching the upper trend line of the channel up pattern, which captures the 2023 surge.
Daily chart
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 54% to buy the USD against the JPY.
On Thursday, positions were 74% short and orders were 56% to buy.