Meanwhile, the resistance zone that surrounds the 116.30 mark has been adjusted, as it has been observed that the 116.20 level is acting as resistance.
Economic Calendar
On Tuesday, at 12:30 GMT, the US Producer Price Index data will be out. Expect minor moves on USD charts.
On Wednesday, at 12:30 GMT, the US Retail Sales and Core Retail Sales data might cause USD moves.
The top event of the quarter is scheduled for 18:00 GMT. At that time, the US Federal Reserve will releases its FOMC Statement and FOMC Economic Projections and the Federal Funds Rate.
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 US Dollar manages to pass the 116.20/116.35 zone against the Japanese Yen, the pair might approach the resistance of the 116.79 level, where the weekly R3 simple pivot point was located at during this week.Meanwhile, a potential decline of the rate is expected to look for support in the 50-hour simple moving average near 115.90. Further below, note the 115.70/115.80 zone.
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. This is the third test of this resistance zone.Daily chart
Since 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 60-63% 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.