i suspect with the heat wave, the all day sun is scorching your JM.

The wound higher up looks quite old and is healing,I've had similar and survived,but below looks like fresh wounds.I don't get them here but could it be squirrels or rabbits gnawing the bark.I've often read they are a problem stateside.

It might pay you also to clear the soil and debris away from the trunk by a couple of inches,to a depth where you can see the trunk begins to bulge out where the roots begin.This level should really be the correct depth of planting but as it's a hot summer,I'd leave it for now and amend in autumn if it's necessary(can't tell from pic.).Just try to keep that area of the trunk clear and dry for now,perhaps a quick spray with fungicide wouldnt go amiss if you have some.

Thanks for the help.

In the Fall I will clear the mulch away from the trunk a few inches.

Is there anyway to help keep it alive from the scorching? How do I know I'm watering enough but not too much?

It may very well be squirrels/rabbits, but I have not seen any on the tree. Should I put a circle of small fence wire around the base?

What type of fungicide should I get for the JM?

Thanks again!

Sorry I've confused you.Clear the soil and mulch now,the base of the trunk needs to be able to 'breath' and not be buried in damp soil.The trunk should be exposed right down to where it begins to bulge out(called the root flare),immediately above the roots.It's quite common to have to remove 2-3" where nurseries have potted them too deep.If it's not rodent damage it could even be the dampness around the trunk base that triggered the peeling.I suggested autumn as the time to raise the tree up if you think it's planted with the root flare below the surrounding soil level.
You can't beat using your hands for checking soil moisture.Use a small trowel and dig down the full depth of the roots just outside the rootball and feel if the soil's nice and damp down there but not soggy.One usually gets some dieing of leaves on newly transplanted trees,especially if your summer's hot.The bark damage isn't helping either.There's probably not a lot you can do about that apart from getting the watering right.Don't be surprised if it loses some more leaves until it starts recovering and settling in.
I suggested a general fungicide just as a precaution because the trunk base will be very damp now and it's something most people have in their shed.Don't worry if not have,the important thing is to get the bottom of that tree exposed and dried out so it can heal,and to get the watering right.

Ben, If you dont find out whats going on with your bark,everything else will take care of itself. Thats gotta stop.Please keep us posted. Good luck!
AL

Alley Cat - As much as I wish I could sit out and watch the grass grow on the porch swing, I cant :) Should I put a small fence/rabbit cage barrier around the tree?

Houzi - Thanks very much, I will follow your instructions and post back with updates!

You could try...It works good for rabbits.
I know this is frustrating because i lost a 'bloodgood' to squirrels and i have a damaged 'omure yama' that wont branch on one side because of squirrel damage. Ive been growing the 'omure yama'for over 12yrs. After about the 7th year,they decided it was tasty. Also one thing i noticed was they always went for it at the hottest part of the year. Why i dont know, unless a sourse of moisture.
I was told they use the shreds for nesting.
Before that...i was ok with squirrels. Not anymore! War was declared.

I've decided to try aluminum foil around the badly affected areas to prevent any further damage. That should also help me find out if rodents are still going after the tree.

I have had something like this on a regular, Pacific Sunset red maple. It looks like wounds, weed whacker damage, mower damage, animal damage, etc. Everywhere I've limbed up, it starts looking like that. The tree keeps healing itself, but it looks like it's hurting.

An arborist suggest I take a 50/50 solution of water and bleach and spray it. After the rains when water can soak into its bad spots.

This "damage" began to heal. It was a fungus. The dead giveaway was that it began appearing on trees nearby of other species.

Just an idea.
Your tree has lovely structure.

This is a "dead tree standing" because it was planted without the root flare slightly above grade. Also, mulch must be kept 4-6-inches away from the trunk. When the root flare is burried below the surface the tree will decline and will be susceptible to many issues. Maples that are planted too deeply are known to languish longers than most trees - about 15 years.