Economic Calendar
On Thursday, the US Advance GDP data is set to reveal whether the United States are or are not experiencing a decline in the Gross Domestic Product at 13:30 GMT. The Advance GDP is the first data set that reveals how the economy has done in the last quarter.
The week will end with the publication of the US Core PCE Price Index. This index is the one being used by the US Federal Reserve to measure the impact of inflation on the consumers. It is seen by some as more important than the CPI. The release is scheduled for 13:30 GMT.
Hourly Chart
If the US Dollar continues to surge against the Japanese Yen, the currency would face resistance in the 131.00 level and the weekly R1 simple pivot point at 131.62. Higher above, note the 132.00 level and the upper trend line of the channel pattern.
However, a decline of the pair is expected to look for support in the 50-hour simple moving average and the lower trend line of the channel up pattern near 130.00.
USD/JPY daily chart's review
On the daily candle chart, the pair finds resistance not only in the 130.00 mark, but also the support and resistance zone at 130.50/131.40.Daily chart
After the PPI release, on the Swiss Foreign Exchange, traders were 50% short and long, as that amount of open position volume was in short and long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 54% to sell the USD against the JPY.
On Tuesday, the positions were 54% short and orders were 66% to buy.