Economic Calendar
On Friday, the US Consumer Price Index release at 12:30 GMT is set to impact all financial markets through the value of the USD.
Hourly Chart
If the pair manages to reach above 131.40 resistance is expected to be found almost immediately in the 131.50 and 132.00 levels. Higher above, take into account the weekly R1 simple pivot point at 132.22.
Meanwhile, a decline would look for support in the 130.50 level, the 50-hour simple moving average. Further below, the 130.00 mark and the 100-hour SMA might act as support.
USD/JPY daily chart's review
On the daily candle chart, despite being pierced, the 50-day simple moving average provided enough support to cause a move upwards.Daily chart
On Friday, on the Swiss Foreign Exchange, traders were 66% short as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 58% to sell the USD against the JPY.
On Monday, the pending order proportion was 67% short and pending orders were 56% to buy.