Economic Calendar
This week, all attention will be on the expected US Federal Reserve Rate hike at 18:00 GMT on Wednesday. The Federal Reserve is expected to increase base interest rate by 0.25%.
On Thursday, the European Central Bank is set to increase its Main Refinancing Rate from 4.00% up to 4.25% at 12:15 GMT.
After the European hike, at 12:30 GMT the US Advance GDP, Unemployment Claims and the Durable Goods Orders are highly likely set to impact the financial markets via an adjustment of US Dollar's value.
On Friday, at 12:30 GMT, the US Core PCE Price Index data is set to impact the US Dollar.
Hourly Chart
A continuation of the surge is set to face resistance in the zone at 142.70/143.00. Higher above, note the weekly R1 simple pivot point at 143.24.
On the other hand, a breaking of the pattern and decline below the 50-hour simple moving average could result in the currency exchange rate looking for support in the weekly simple pivot point at 140.46, the 100 and 200-hour simple moving averages near 140.00 and 139.30.
USD/JPY daily chart's review
On the daily candle chart, the pair found support in the 100-day simple moving average. The technical indicator acted as support two times and appears to have caused the recent recovery of the US Dollar against the Yen.Daily chart
On Monday, traders were bullish on USD/JPY, as 74% of open positions on the Swiss Foreign Exchange were long.
In the meantime, trader pending orders in the 100 point range around the current exchange rate are 51% to buy.