On Tuesday, the US Dollar surged by 30 pips or 0.27% against the Japanese Yen. The currency pair was guided by the 55– hour simple moving average during Tuesday's trading session.
Economic Calendar
On Wednesday, at 12:30 GMT, the US Core Consumer Price Index is bound to cause USD volatility, which could impact the USD/JPY pair.
Afterwards, on Thursday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
USD/JPY short-term review
However, the currency exchange rate could encounter resistance at 110.84 within this session.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, a breakout through the upper boundary of a descending channel pattern has occurred.Given that a breakout has occurred, bullish traders are likely to continue to pressure the price higher during the coming days.
However, the USD/JPY currency exchange rate could encounter resistance at 110.50 within the following trading sessions.
Daily chart
On Tuesday, traders on the Swiss Foreign Exchange were 67% short on USD/JPY.
On Wednesday, the sentiment was 73% short.
Meanwhile, on Monday, traders set up pending orders in the 100-pip range around the rate was 69% to sell.