On Friday, the US Dollar edged higher by 63 pips or 0.58% against the Japanese Yen. The USD/JPY currency pair tested the 110.40 level during Friday's trading session.
Economic Calendar
On Tuesday, the US Prelim Nonfarm Productivity release at 12:30 GMT could cause a minor move on USD pairs. However, note that during most times the event does not cause an increase of volatility.
On Wednesday, at 12:30 GMT, the US Core Consumer Price Index is bound to cause USD volatility, which could impact the USD/JPY pair.
Afterwards, on Thursday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
USD/JPY short-term review
However, the currency exchange rate could find resistance at 110.40 within this session.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, a breakout through the upper boundary of a descending channel pattern has occurred.Given that a breakout has occurred, bullish traders are likely to continue to pressure the price higher during the coming days.
However, the USD/JPY currency exchange rate could encounter resistance at 110.50 within the following trading sessions.
Daily chart
On Friday, traders on the Swiss Foreign Exchange were 66% short on USD/JPY.
On Monday, the sentiment was the same.
Meanwhile, on Monday, trader set up pending orders in the 100-pip range around the rate were 69% to sell.