Economic Calendar
This week's notable events are over.
Hourly Chart
A continuation of the surge could encounter resistance only in round levels. The pair has broken all known technical resistance.
On the other hand, it can be observed that the technical levels were acting as support. Note the weekly R3 simple pivot point at 144.75, the weekly R2 at 142.74 and the approaching hourly moving averages below 142.50.
USD/JPY daily chart's review
On the daily candle chart, the pair clearly trades above the July high level zone. If the surge extends, the rate could eventually aim for the 1998 high level at 147.60Meanwhile, the 50-day simple moving average appeared to be acting as support near 136.00. In addition, note the 2002 high level at 135.00 and the approaching 100-day simple moving average near 134.00.
Daily chart
On Tuesday, 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 69% to buy the USD against the JPY.
On Wednesday, traders were 73% short and orders were 50% to buy and sell. In general, traders appear to have been waiting for a reversal, as they keep suffering losses.