On the USD/JPY charts it resulted in a two hour drop, which almost reached the 115.00 mark. Afterwards, a recovery to the resistance of the 115.60 level took place. On Monday, the pair declined and once again approached the 115.00 level.
Economic Calendar
On Tuesday, at 13:30 GMT, the US Producers Price Index data will reveal, how high is the inflation at the production level.
Possibly the top event of the week will take place on Wednesday at 19:00 GMT, as the US Federal Open Markets Committee Meeting Minutes will be published. The Meeting Minutes provide an insight to the decisions of the US Federal Reserve.
On Thursday, the US Unemployment Claims could cause an adjustment of the USD value.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
A passing below the 115.00 level could look for support in the weekly S1 simple pivot point at 114.85. Further below, the most close by support level was the weekly S2 simple pivot point at 114.17.Meanwhile, a recovery of the US Dollar against the Japanese Yen might find resistance in the 200-hour simple moving average near 115.25, before aiming at the weekly simple pivot point at 115.60. In addition, take into account that the 50 and 100-hour simple moving averages were approaching the pivot point.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has reached the early 2022 high level and passed the November and January high level at 115.50. The rate needs to pass the 116.00 mark to book new high levels.Daily chart
On Friday, on the Swiss Foreign Exchange, traders were short, as 72% of open position volume was in short positions.
Meanwhile, on Friday, trader set up pending orders in the 100-pip range around the rate were 50% to buy and sell the USD against the JPY.
On Monday, the open positions were 74% to sell and pending orders were 56% to buy.