In the meantime, it was spotted that the rate's recent recovery appears to have occurred in an ascending channel pattern.
Economic Calendar
On Wednesday, at 12:30 GMT the US Retail Sales and Core Retail Sales data is set to impact the rate through the value of the US Dollar.
Namely, a decreasing or flat retail sales change month on month is set to cause an adjustment of the USD to the downside. Meanwhile, a higher than expected reading could be the catalyst of a surge of the Dollar.
At 18:00 GMT on Wednesday, the US Federal Reserve Meeting Minutes are bound to be published. The details included in the document might be the reason for a USD move.
Hourly Chart
If the pair respects the channel's upper trend line and bounces off it, the rate could look for support in the 134.35/134.55 zone, prior to descending to the 134.00 level and the 200-hour simple moving average near it.
On the other hand, a surge and breaking of the pattern is highly likely to be slowed down by the 135.00 level, prior to approaching the resistance zone at 135.35/135.60, the 135.50 mark and the weekly R1 simple pivot point at 135.40.
USD/JPY daily chart's review
On the daily candle chart, the pair has been trading between the support of the 100-day simple moving average with the 131.25/132.00 zone and the resistance of the 50-day simple moving average near the 135.00 mark.Daily chart
On Monday, on the Swiss Foreign Exchange, traders were 70% 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 buy the USD against the JPY.
On Tuesday, traders were still 70% short and pending orders were 60% to sell.