During late Thursday's trading, the support zone had once again held and the rate was approaching the 50-hour SMA near 115.95 and the 116.00 mark.
Economic Calendar
The most notable event of the week will be the US and Canadian monthly employment data release on Friday at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
If the currency pair continues to surge, it would have to pass the 50-hour SMA and the 116.00 mark. Afterwards, the rate could approach the resistance zone at 116.19/116.24. Higher above, note the weekly R3 simple pivot point at 116.35.Meanwhile, a decline of the US Dollar against the Japanese Yen is likely set to look for minor support in the weekly R2 simple pivot point at 115.78 and the 100-hour simple moving average at 115.69, before reaching for the support zone at 115.53/115.66. Further below, note the November high zone and the weekly R1 simple pivot point.
Hourly Chart
USD/JPY daily chart's review
The daily candle chart has been returned. In general, the rate appears to be surging in a channel up pattern since late July. The channel has pushed the USD/JPY to break long term high level records.In the future, the exchange rate could step by step surge to 117.00 and 118.00 levels, before reaching the 2016 high level at 118.50.
Daily chart
Read More: Technical Analysis
Traders are short
On Thursday, on the Swiss Foreign Exchange, traders were short, as 73% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 60% to buy.
During Wednesday's trading, the sentiment as 75% short, and pending orders were 62% to buy.