Other major currencies in the market continued to receive pressure from the US dollar which managed to maintain strengthening at the end of the week's trading influenced by investors' assessment of the Federal Reserve's (Fed) monetary policy.
Initially, the details of the minutes of the FOMC meeting that were examined earlier were assessed as dovish with the expectation that the Federal Reserve (Fed) would slow down its aggressive interest rate hikes.
However, St. Louis Fed President James Bullard said he supports an aggressive interest rate hike for the third time in a row in September of 75 basis points to control high inflation.
Investors again saw an opportunity for the Fed to continue aggressive rate hikes after the economic data of the United States (US) published earlier was also stronger than expected.
Thus, the strengthening of the US dollar has also prompted a higher price jump on the USD/JPY currency pair chart with the bullish trend movement pattern successfully maintained throughout this week.
The price movement is also seen to be supported by the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the USD/JPY chart and has not given any signs of further decline.
If you look at yesterday's Thursday trading, the price temporarily flattened at the 135.000 resistance zone before extending the rise from that zone in the New York session by closing the session's end trading at a height of around 135.900.
In fact, the price increase continues in the Asian and European trading sessions today (Friday) until it reaches the 137,000 zone which is seen as an obstacle to be tested first.
If the price succeeds in breaking through the barrier level of 137,000, it is expected that the price will rise up to the barrier level of 139,300 and record the latest 5-week high level.
That level is also the highest record reached by the price last July, which is the highest since 1998.
But be alert in case of a change in the price direction again at the end of the week which is likely to see a drop in the price in the last session of the week.
The price drop is seen to return to the 135.00 level again to test the RBS (resistance become support) zone for the expectation that the zone will support the price increase again.
On the other hand, if the price continues to decline to a lower level beyond the RBS 135.00 zone before the signal of a change in the bearish trend again will push the next price expectation to reach the concentration level of 132,000.
