A potential target for the rate could be the 116.00 level. Meanwhile, it was spotted that the currency pair has been surging in a narrow channel up pattern since late Friday.
Economic Calendar
On Thursday, at 13:30 GMT, the US Consumer Price Index and Core Consumer Price Index data is set to be released together with the US Unemployment Claims. Namely, all US pairs and assets are expected to react to the news.
Click on the link below to find out more about data releases of this and other currency exchange rates.
USD/JPY short-term review
If the USD/JPY reaches above the 116.00 mark, next resistance would be the 116.25/116.35 zone and the weekly R2 simple pivot point at 116.30. Higher above, resistance might be encountered at 116.50 and 116.79.Meanwhile, a decline of the USD against the Yen could look for support in the lower trend line of the channel up pattern. Afterwards, the 115.70/115.80 zone is highly likely set up to stop a decline.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate is once again approaching the 2020 high level zone at 116.15/116.35.Daily chart
On Wednesday, on the Swiss Foreign Exchange, traders were short, as 75% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 63% to sell the USD against the JPY.
On Tuesday, 71% of open position volume was in short positions. In the meantime, the pending orders were 56% to sell.