Did you know that the significant strengthening of the US dollar has pushed the price on the chart of the USD/JPY currency pair has reached its latest high since 1998?
The US dollar is still maintaining the momentum of the price surge that erupted last week ahead of the outcome of the FOMC meeting with the expectation that aggressive interest rate hikes will be continued by the Federal Reserve (Fed).
Meanwhile, the Japanese Yen remained weak due to the view that the central bank of Japan (BOJ) is still maintaining policy easing to support the economy of the rising sun.
The USD/JPY price chart is still seen continuing to rise despite the slightly slower momentum compared to the aggressive movement in previous weeks.
The price movement on Tuesday yesterday has managed to break the resistance level at 135.00 to reach the latest high on the rise which continued reaching around 135.580.
This is the highest price level ever reached since 1998 after only slightly overcoming the highs in 2002 which were also in the same resistance zone.
The price movement remains in a bullish pattern with the price signal hovering above the Moving Average 50 (MA50) support level on the 1 -hour time frame on the USD/JPY chart.
The decline was displayed in today's trading (Wednesday), starting with the Asian session continuing to the European session, but the price has not yet passed the support level at MA50 after falling slightly below the 135.00 level.
Rising prices will continue to be expected for prices to continue to record their latest highs again after reaching a 24 -year high.
The next bullish target is likely to head to the level of around 137.00.
But if prices are tired of climbing and start to give signs of falling again, investors need to be vigilant for changes in price trends that will occur.
The decline is seen to be able to decline again until it reaches the level of 132.00 or the focus zone at 131.00.
The BOJ policy meeting will be the focus over the weekend after the focus will be given first to the FOMC meeting.
