Economic Calendar
This week, the top event of them all is scheduled for Wednesday. At 18:00 GMT, the US Federal Reserve is set to announce its Federal Funds Rate and release the FOMC Statement and Economic Projections. In general, the markets expect the US Fed to hike 0.75%. However, some market participants expect the US monetary policymakers to strengthen the USD even more, as they await a 1.00% hike.
Afterwards, at 18:30 GMT, the Chairman of the Federal Reserve Jerome Powell will host a press conference. Quite often, the press conference reverses the initial market moves that have been caused by the monetary decision. Namely, the Chairman states something, which the market interprets as either dovish or hawkish.
On Friday, at 13:45 GMT, the US PMIs are scheduled to be release. However, in most cases the market ignores this event.
Hourly Chart
In the case of a move above 143.65/143.80 the pair would have to pass the combined resistance of the weekly R1 simple pivot point at 144.68 and the 144.65/145.00 zone. Higher above, the pair is set to reach levels not experienced for decades.
On the other hand, a decline is set to look for support at 142.55/142.65, prior to reaching the 142.00 and 141.50 levels. The 141.50/141.65 acted as support prior to the US CPI release.
USD/JPY daily chart's review
On the daily candle chart, the pair has to pass the 145.00 mark, before it tests the 1998 high level at 147.60.However, a potential extension of the pair's decline is expected to look for support in the 140.00 mark and the July high level zone at 138.60/139.40.
Daily chart
This week, on the Swiss Foreign Exchange, traders were 63% 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.