The bullish pattern on the chart of the USD/JPY currency pair continues until the end of the week.
The rise continues as prices remain on the hunt for record highs this year and prices have reached their highest levels since last November.
While the Yen currency remained traded weakly in the market, the US dollar still managed to maintain its strength in an uncertain market environment plagued by the lingering issue of the United States (US) debt ceiling.
In addition, the US economic data still supports the strengthening of the US dollar such as the Gross Domestic Product (GDP) data published in the New York session yesterday.
If observed, the price has reached a high level of 140.200 at the end of the previous New York session after successfully breaking through the resistance of 139.300.
The price movement that remains above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the USD/JPY chart has not given any signs of a change in the trend.
Therefore, prices are expected to continue the upward trend higher at the end of this week.
If it succeeds in overcoming the height reached before, the price will continue to climb to the next target zone at around 142.00.
However, if the price starts to decline below the 139,300 level and break through the MA50 support, this will be an early sign of a change in the price trend.
A decline will be expected towards the 137.00 zone which will be the latest support zone for the price which previously also got a reaction in last week's trading.
For a lower fall, the 135.00 zone and 133.500 support are observed as the concentration zones that the price will target.
