By the start of Tuesday's US trading hours, the rate had recovered to the combined resistance of the 100-hour simple moving average, weekly simple pivot point and the upper trend line of the channel down pattern at 115.64/115.68.
Economic Calendar
The top data set of the week will be released on Wednesday at 13:30 GMT. At that time, the US Consumer Price Index and Consumer Price Index are set to be published.
The USD/JPY has moved from 19.1 to 31.3 pips on the release.
On Thursday, at 13:30 GMT, the US Producers Price Index and Core Producers Price Index data sets are scheduled to be published. At the same time, the US weekly Unemployment Claims could cause a minor impact on the USD.
The PPI has moved the rate 9.4 to 12.9 pips, and the Unemployment Claims have moved the rate 6.2 to 19.5 base points.
The week will end with the US Retail Sales and Core Retail Sales on Friday at 13:30 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 move above the technical resistance levels at 115.64/115.68 would leave the pair with no technical resistance as high as the January high level zone at 116.20/116.35. In addition, the weekly R1 simple pivot point was located in the zone. Above this zone, there is no resistance as high as the weekly R2 simple pivot point at 117.04. However, take into account that the 116.50 and 117.00 levels might act stop a surge.On the other hand, a decline of the USD/JPY would have to pass the 50 and 200-hour simple moving averages at 115.45 and 115.55 and a resistance and support zone at 115.45/115.50, before aiming at the 114.96/115.04 levels.
Hourly Chart
USD/JPY daily chart's review
In general, the rate appears to be surging in a channel up pattern since late July. The channel has pushed the USD/JPY to break long term high level records.In the future, the exchange rate could step by step surge to 117.00 and 118.00 levels, before reaching the 2016 high level at 118.50.
Daily chart
On Monday, on the Swiss Foreign Exchange, traders were short, as 75% 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 buy.
During Tuesday's trading, the sentiment was 72% short, and pending orders were 53% to sell.