Economic Calendar
This week, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
Hourly Chart
A move below 148.76 could find support in the 50-hour simple moving average near 148.60. Further below, take into account the 148.40 level and the 100-hour simple moving average.
On the other hand, a surge of the US Dollar is set to face the 149.00 mark, before approaching the weekly R2 simple pivot point at 149.18 and the upper trend line of the channel pattern.
USD/JPY daily chart's review
On the daily candle chart, the pair has confirmed the 1998 high as support and appears to be heading higher. However, it has pierced the lower trend line of the channel up pattern.Daily chart
On Monday, traders were bearish on USD/JPY, as 71% 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 53% to sell.
On Tuesday, the positions were already 58% short and orders were 60% long.