On Monday, the US Dollar rose by 29 pips or 0.26% against the Japanese Yen. But, the currency pair remained below the 110.40 area during Tuesday'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 continue to consolidate below the 110.40 level 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 Monday, traders on the Swiss Foreign Exchange were 65% short on USD/JPY.
On Tuesday, the sentiment was 67% bearish.
Meanwhile, on Monday, traders set up pending orders in the 100-pip range around the rate were 72% to buy.