Economic Calendar
This week, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
Hourly Chart
Resistance could be encountered in the 149.00 mark, the upper trend line of the channel up pattern and the weekly R2 simple pivot point at 149.17. Any of these levels could slow down the surge and force the rate into a consolidation via a decline or sideways trading.
However, a decline of the US Dollar against the Japanese Yen could encounter support in the weekly R1 at 148.75. Further below, note the 148.50 level that had acted as resistance during the prior week.
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.