Up to the middle of Monday's trading, the currency exchange rate was trading between the 100-hour simple moving average and the 123.00 mark. In the meantime, the 50 and 200-hour simple moving averages were approaching the pair from below, near the 122.30 level.
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
If the US Dollar surges against the Japanese Yen, the pair would have to break the resistance of the 123.00 mark and the weekly simple pivot point at 123.01. Higher above, take into account the 123.50 mark and the late 2015 high level at 123.70, before the 124.00 and 124.50 levels are aimed at.
Meanwhile, a decline is expected to look for support in the 50, 100 and 200-hour simple moving averages near 122.30. Below the moving averages, the 122.00, 121.50 and 121.00 levels might act as support.
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 Monday, the open positions were still 72% short. However, the pending orders were just 51% to sell.