Economic Calendar
This week, all attention will be on the expected US Federal Reserve Rate hike at 18:00 GMT on Wednesday. The Federal Reserve is expected to increase base interest rate by 0.25%.
On Thursday, the European Central Bank is set to increase its Main Refinancing Rate from 4.00% up to 4.25% at 12:15 GMT.
After the European hike, at 12:30 GMT the US Advance GDP, Unemployment Claims and the Durable Goods Orders are highly likely set to impact the financial markets via an adjustment of US Dollar's value.
On Friday, at 12:30 GMT, the US Core PCE Price Index data is set to impact the US Dollar.
Hourly Chart
In the case of the rate resuming its prior surge, it is expected to face resistance in the 142.00 level. Higher above, note the 142.70/143.00 zone and the weekly R1 simple pivot point at 143.24.
However, a potential decline below 141.00 would look for support in the 100-hour simple moving average near 140.69 and the weekly simple pivot point at 140.46. Below these levels, the 140.00 mark and the 200-hour SMA could act as support.
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.Daily chart
On Monday, traders were bullish on USD/JPY, as 74% of open positions on the Swiss Foreign Exchange were long.
In the meantime, trader pending orders in the 100 point range around the current exchange rate are 51% to buy.
On Tuesday, positions were 75% long and orders were 55% to sell.