Economic Calendar
On Tuesday, the US ISM Services Purchasing Managers Index survey results are expected to impact the value of the US Dollar and all pairs that include the USD.
During the week, almost all attention will be paid to the US Federal Reserve Federal Open Market Committee Meeting Minutes on Wednesday at 19:00 GMT.
The meeting minutes are a protocol of the central bank's committee, which decides US and, subsequently, global monetary policy. The document is set to reveal, what the committee talked about and detailed information about their future plans.
On Thursday, a minor USD move might be created by the publication of the weekly US Unemployment Claims data at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
Hourly Chart
In the near term future, the USD/JPY might encounter resistance at 123.00 and the zone at 123.44/123.70.
On the other hand, a potential decline would most likely look for support in the 122.50 level and the 100-hour simple moving average, before dropping to the 122.00 mark. Note that the 122.00 mark is strengthened by the 50 and 200-hour simple moving average.
USD/JPY daily chart's review
On the daily candle chart, the rate appears to have consolidated the major gains of March, as it surged from levels near 115.00 up to 125.00, in less than a month. From the low level of March at 114.80 up to the high at 125.10 on March 27 there is a distance of 1031 base points or 8.98%.Daily chart
On Friday, on the Swiss Foreign Exchange, traders were short, as 72% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 89% to sell the USD against the JPY.
On Thursday, open position volume was 71% short and pending orders were 54% to sell.