Economic Calendar
On Thursday, the top event of the week will take place. The United States Consumer Price Index is scheduled to be published at 12:30 GMT.
On Friday, at 12:30 GMT, the US Retail Sales data could also impact the financial markets.
Hourly Chart
A higher than expected inflation is set to cause a resumption of the surge and the 147.50 level could be targeted. Higher above note the weekly R3 simple pivot point at 147.85 and the 148.00 level.
On the other hand, a decline could occur, if inflation is below expectations. In this case scenario the rate would look for support first in the 146.50 level and the 50-hour simple moving average, before reaching the lower trend line of the channel down pattern. Further below, take into account the cluster of technical levels at 145.80/146.00.
USD/JPY daily chart's review
On the daily candle chart, the rate has broken the resistance zone, which had kept it down since the start of September. In the near term future, the surge could encounter resistance in the 1998. High level at 147.60.Daily chart
On Wednesday, on the Swiss Foreign Exchange, traders were 75% 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 55% to buy the USD against the JPY.
On Thursday, the positions were already 71% short and pending orders were 56% to sell.