Economic Calendar
Watch out for the US Consumer Price Index at 12:30 GMT. The inflation data will reveal whether the Fed is managing to fight inflation or not.
On August 11, the markets will look at the US Producer Price Index at 12:30 GMT to analyse potential consumer price increases in the future.
Hourly Chart
The surge of the currency pair faces the resistance of the 50 and 100-hour simple moving averages and the 142.70/143.10 range. Higher above, the 143.50 level and the weekly R1 simple pivot point at 143.49 are expected to at least slow down the surge of the Dollar against the Yen.
In the case of a decline, the 200-hour SMA and the 141.50/142.00 zone are set to act as major support. If these levels fail to keep the rate up, support might be found in the 141.00 and 140.50 levels.
USD/JPY daily chart's review
On the daily candle chart, the pair found support in the 100-day simple moving average. The technical indicator acted as support two times and appears to have caused the recent recovery of the US Dollar against the Yen.More recently, the rate ignored the resistance and support of the 50-day simple moving average. It appears it is incapable of impact the USD/JPY. The rate is heading to the resistance zone at 145.00/146.00.
Daily chart
On Monday, traders were bearish on USD/JPY, as 59% of open positions on the Swiss Foreign Exchange were short.
In the meantime, trader pending orders in the 100-point range around the current exchange rate are 55% to sell.
On Friday, 61% of positions were short and orders were 63% to buy.