Economic Calendar
Watch for the US ISM Manufacturing PMI on Thursday at 14:00 GMT and the Friday's release of the US Unemployment data at 12:30 GMT.
Hourly Chart
In the case that the 50-hour SMA once again pushes the pair up, the rate would aim at the resistance of the 141.00 mark. Above 141.00, the 141.50 level and the weekly R1 simple pivot point could act as resistance.
However, a decline below the 50-hour SMA might find support in the 140.00 mark. Below 140.00 the combination of the weekly simple pivot point at 139.60, the 139.50 level and the 100-hour simple moving average are expected to act as support.
USD/JPY daily chart's review
On the daily candle chart, the pair needs to confirm the prior resistance as support and pass the 140.00 mark, before approaching the upper trend line of the channel up pattern, which captures the 2023 surge.However, recent fundamentals indicate that the pair could just go up without consolidating its gains by retracing back down to a support level.
Daily chart
On Monday, on the Swiss Foreign Exchange traders were 71% 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 59% to buy the USD against the JPY.
On Friday, traders were 73% short, but orders were 58% to buy.