Although, after reaching the high level of 108.60 the pair began a decline, which by the middle of Monday's trading session had reached the support of the 55-hour simple moving average at 108.05.
Economic Calendar
Today, the US Federal Reserve Meeting Minutes are set to be published at 18:00 GMT. Since February the event has caused moves from 7.7 to 15.3 base points. This week, there will be one data release, which might impact the USD/JPY trough a value adjustment of the USD.
On Wednesday, at 12:30 GMT the US Retail Sales and US Core Retail Sales are scheduled to be released. Since May, the event had caused moves on the USD/JPY charts from 12.2 to 24.8 base points.
Meanwhile, take into account that next week there will be other events, which are expected to cause larger reactions on other currency exchange rates. Take a look at the published historical data tables by clicking on the link below.
Read More: 14.10-18.10 Event Historical Reactions
USD/JPY short-term daily review
On Friday, the rate stood at the support of the 55-hour simple moving average at 108.05.If the SMA manages to push the rate up, it could once more test the resistance of the 108.60 mark. Afterwards, pivot points just above the 109.10 mark would be tested next.
On the other hand, in the case of the SMA failing to provide support, it should decline down to the weekly pivot point at 109.91.
Hourly Chart
On the daily candle chart, the low level of October 3 has provided with a reference point for drawing simple trend patterns. On Thursday, Dukascopy Analytics added an ascending channel pattern. This pattern could guide the rate higher until the end of the year.
Meanwhile, by looking at the daily chart it can also be observed that above the previously described Fibonacci retracement level there are no technical resistance levels. Namely, the closest level was the 200-day simple moving average at the 109.05 level.
Daily chart
Read More: Technical Analysis
Swiss traders profit
Since Friday, 61% of open USD/JPY position volume on the Swiss Foreign Exchange was in long positions.
Traders were profiting from the surge.
Meanwhile, trader set up orders were bullish. Namely, in the 100-pip range 61% of pending orders were to buy and 39% were to sell.
Previously, the orders were 68% to sell.