Economic Calendar
On Wednesday, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.
On Thursday, the US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
Hourly Chart
A continuation of the USD/JPY surge might be slowed down by the 139.00, 139.50 and 140.00 levels. In addition, note the weekly R1 and R2 simple pivot points at 139.18 and 140.52.
On the other hand, support is being provided by the combination of the 50 and 100-hour simple moving averages at 138.20 and the 138.00 mark. Below these levels, note the 137.50/137.80 zone that caused the most recent surge of the currency pair. Further below, take into account the weekly simple pivot point at 137.41 and the approaching 200-hour SMA.
USD/JPY daily chart's review
On the daily candle chart, the pair has reached the 138.20/139.40 range. Namely, the pair has reached a high level not seen since December 2022.The high and low level range might act as resistance and force the USD/JPY into a decline.
Daily chart
Since last week traders have been short. On Tuesday, on the Swiss Foreign Exchange, traders were 72% bearish, 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 55% to sell the USD against the JPY.