Economic Calendar
On Thursday, at 12:30 GMT, the US Durable Goods Orders, Core Durable Goods Orders and the weekly Unemployment Claims might cause minor moves on USD charts.
Week's notable events will end with the release of the US Manufacturing and Services PMIs at 13:45 GMT, also on Thursday.
Click on the link below to find out more about data releases of this and other currency exchange rates.
Hourly Chart
In the case of the USD/JPY declining the rate might look for support in the weekly R2 simple pivot point at 120.75, the 50-hour simple moving average near 120.50. Further below, support might be provided by the weekly R1 simple pivot point at 120.01 and the 120.00 mark.
Meanwhile, a resumption of the surge needs to pass the 121.40 mark, before booking new high levels. Resistance could be encountered at 121.50, 122.00 and the weekly R3 simple pivot point at 122.09.
USD/JPY daily chart's review
On the daily candle chart, the pair has broken the resistance of the 2021 and 2022 surge pattern. The breaking has occurred to the upside. The pair has not been this high since 2015.Daily chart
On Tuesday, on the Swiss Foreign Exchange, traders were short, as 70% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 67% to buy the USD against the JPY.
On Wednesday, 73% of volume was short and pending orders were 62% to buy.