During the early hours of Wednesday's trading hours, the pair was fluctuating between the weekly simple pivot point at 137.90 and the resistance of the 100-hour simple moving average near 138.40.
Economic Calendar
On Friday, take into account the US Markit Services and Manufacturing Purchasing Managers Index release at 13:45 GMT. The rate might be impacted through the USD value reacting to the publication.
Hourly Chart
In the case of a USD surge against the Japanese Yen, the rate would have to pass the 100-hour simple moving average near 138.40 and the 138.50 level. Higher above, note recent high levels, which might act as resistance.
On the other hand, a decline of the USD would have to decline below the weekly simple pivot point at 137.90 and the 200-hour simple moving average near 137.65, prior to approaching the 137.50 and 137.00 levels.
USD/JPY daily chart's review
On the daily candle chart, the rate has resumed its 2022 surge, which appears to have been occurring in a wide channel up pattern.Daily chart
On Wednesday, on the Swiss Foreign Exchange, traders were 69% short as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 51% to buy the USD against the JPY.
During Tuesday's trading, the positions were 70% short and pending orders were 56% to buy.