However, after finding support at 141.00, the rate's follow up recovery encountered resistance in the 50-hour simple moving average and the weekly R1 simple pivot point at 141.43.
Economic Calendar
On Wednesday, at 13:30 GMT, the financial markets might react to the US Durable Goods Orders and Unemployment Claims publication.
Later on, at 14:45 GMT, the Markit Services and Manufacturing Purchasing Managers Indices for the US could cause an adjustment of the US Dollar's value.
The day and the week's notable events will end with the release of the US Federal Reserve FOMC Meeting Minutes at 19:00 GMT. The Meeting Minutes are the protocol of the last US Fed meeting. New details might be in the file.
Hourly Chart
In the case of the pair surging above the weekly R1 and the 50-hour SMA, the 142.05/142.28 zone might once again stop the USD/JPY. Higher above, take into account the 142.50 level and the weekly R2 simple pivot point at 142.72.
On the other hand, a decline of the US Dollar against the Japanese Yen is expected to look for support in the 141.00 level and the 100-hour simple moving average. Further below, note the 140.65/140.80 zone.
USD/JPY daily chart's review
On the daily candle chart, the pair has returned and shortly reached above the 100-day simple moving average, which is located near 141.70. Higher above, note the 50-day SMA near 145.00. Meanwhile, most close by support on this chart is being provided by the 200-day SMA near 137.00.Daily chart
Since Monday, on the Swiss Foreign Exchange, traders were 60% 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 75% to buy the USD against the JPY.
On Wednesday, positions were 59% short and pending orders were 70% to buy.