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
If the US Dollar continues to gain against the Japanese Yen, the rate would have to pass above the 121.00 mark. Higher above, note the 121.50 and 122.00 level, and the weekly R3 simple pivot point at 122.09.
On the other hand, a retracement downwards is set up to find support in the 120.50 and 120.00 levels. In addition, the 120.00 mark is being strengthened by the weekly R1 simple pivot point. However, in regards to the pivot points take into account that the pair is ignoring the weekly R2 at 120.75.
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 mid-2016.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.