Economic Calendar
On Tuesday, at 12:30 GMT, the US Consumer Price Index will reveal, how the US inflation has continued to grow, as some market analysts speculate that month-on-month inflation for consumers in the United States could soon hit the 1.00% mark. Expect the US Dollar's value to adjust to the news.
During the middle of Wednesday's trading, at 12:30 GMT, the US Producers Price Index data will reveal how prices have changed at the production level. Most likely, the USD is set to move due to the release.
On Thursday, 12:30 GMT, the US Retail Sales data and weekly Unemployment Claims are scheduled to impact the value of the US Dollar.
Click on the link below to find out more about data releases of this and other currency exchange rates.
Hourly Chart
The continuation of the surge is set to encounter minor resistance in the form of the weekly R1 simple pivot point at 124.74, before approaching the high level zone at 125.00/125.10
On the other hand, a decline could use previous resistance as support at 124.20/124.31 and the trend line of the April low levels.
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
Since 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 52% to buy the USD against the JPY.