Economic Calendar
There are nine sets of data being released this week, which might cause an impact on currency valuations. Five of the nine are US employment datasets.
The week's notable publications will start on Wednesday at 13:15 GMT, as the ADP Non-Farm Employment Change is set to be published.
Also on Wednesday, at 13:30 GMT, the US Final GDP might cause minor USD moves.
On Thursday, at 13:30 GMT, minor US Dollar moves could occur due to the publication of the weekly US Unemployment Claims.
The top event of the week will occur on Friday, as at 13:30 GMT the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate are set to be published.
The week's events are scheduled to end at 15:00 GMT with the publication of the US Institute for Supply Management Manufacturing Purchasing Managers Index survey results.
Click on the link below to find out more about data releases of this and other currency exchange rates.
Hourly Chart
If the pair declines below the 122.00 mark, support might be found in the 121.00/121.50 zone. In that zone, the last week's high and low level zone is located at. In addition, the weekly simple pivot point at 121.27 might act as support. Moreover, the 200-hour simple moving average has approached the 121.00 mark.
However, a resumption of the surge of the USD/JPY rate might encounter resistance in the 50-hour simple moving average near 123.20, the weekly R1 simple pivot point at 123.44 and the late 2015 high level at 123.70.
USD/JPY daily chart's review
On the daily candle chart, the historical high levels of the USD/JPY currency exchange rate have been marked.Daily chart
Since Monday, on the Swiss Foreign Exchange, traders were short, as 75% of open position volume was in short positions.
Meanwhile, on Tuesday, trader set up pending orders in the 100-pip range around the rate were 68% to sell the USD against the JPY.