On Wednesday, the surge continued, as by mid-day the rate was at 149.75.
Economic Calendar
This week, there is only one notable scheduled event, which could impact the US Dollar and the financial markets. On Thursday, a minor move could occur due to the Philadelphia Federal Reserve Manufacturing Index release at 12:30 GMT.
Hourly Chart
The pair faces no resistance to reach the 150.00 mark and the weekly R1 simple pivot point at 149.98. Above the 150.00 mark, the 150.50 and 151.00 levels might act as resistance, before the weekly R2 pivot point at 151.23 would be reached.
On the other hand, a decline is expected to find support in the 149.50 level, the 50-hour simple moving average near 149.10 and the 149.00 level.
USD/JPY daily chart's review
On the daily candle chart, the rate has broken the large scale 2022 channel up pattern. It failed to keep the pair down. The USD/JPY has no resistance on this chart.Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were 66% 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 77% to sell the USD against the JPY.
On Wednesday, the positions were 65% short and pending orders were 67% to sell.