Economic Calendar
At 13:45 GMT, the US Flash Services PMIs could impact the rate through an adjustment in the value of the US Dollar.
On Thursday, at 12:30 GMT the US quarterly Preliminary GDP data is set to cause a move in the US Dollar and all of financial markets.
Hourly Chart
If the pair resumes its surge, it could encounter resistance in the 137.50, 138.00 and the 138.50 levels. In addition, take into account the weekly R1 simple pivot point at 138.55.
On the other hand, a decline of the US Dollar, compared to the Japanese Yen, might find support in the 136.50 level and the 50-hour simple moving average. Further below, note the 136.00 level.
USD/JPY daily chart's review
On the daily candle chart, the pair has broken the resistance of the 50-day simple moving average and is approaching the July high level zone at 138.60/139.40. Above the zone, the 140.00 mark is expected to act as resistance.Daily chart
Before the Meeting Minutes release, on the Swiss Foreign Exchange, traders were 71% 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 53% to buy the USD against the JPY.
Despite the surge of the rate, by the middle of Monday, the sentiment was still 72% short and pending orders were 52% to buy.