Economic Calendar
This week, the top event will be the FOMC Meeting Minutes release on Wednesday at 19:00 GMT. The minutes are a protocol of the last Federal Reserve monetary policy committee meeting. They could provide more information on how the US Dollar rate setters make their decisions.
Meanwhile, some impact could be created by the US Manufacturing and Services PMIs at 14:45 GMT.
USD/JPY hourly chart analysis
A potential surge would have to break the 150.65/150.90 range, before testing the combined resistance of the 151.00 level and the weekly R1 simple pivot point at 151.07. Higher above, the 151.50 level could act as resistance.On the other hand, a decline of the USD/JPY has to pass the 149.90 and 149.50 level, before it approaches the weekly S1 at 149.11 and 149.00 mark.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the USD/JPY has managed to break the previous 2024 high level range. It appears to have found support in the 1998 high level of 147.60.Next target is the 2022 and 2023 high at 152.00
Daily chart
Read More: Technical Analysis
Traders are neutral with buy orders
On Monday, trader open position volume showed that Dukascopy traders were 52% short.
Meanwhile, pending orders in the 100-point range around the rate were 68% to buy the USD/JPY.