The latest price record of the year was recorded on the USD/JPY chart in trade towards the end of the week due to the results of the FOMC meeting earlier this morning.
The Federal Reserve (Fed) has kept interest rates at 5.25%, but this signal to raise interest rates further towards the end of 2023 has supported the strengthening of the US dollar in the market.
While the US dollar strengthened, the Yen moved weak ahead of the monetary policy meeting of the central bank of Japan (BOJ) on Friday tomorrow.
The BOJ is expected to keep interest rates unchanged at -0.10%, and a follow-up statement by governor Kazuo Ueda will be watched by investors for further policy cues.
Examining the USD/JPY chart, there was a price drop first to 139,300 yesterday when the producer price index (PPI) data was released in the United States (US) which made the US dollar weaken.
However, the price has surged again to surpass the level of 141.00 in the Asian session this morning (Thursday) surpassing the height reached at the end of last May.
At the same time, this is the latest record of the highest price for this year and the price increase is seen to continue in the European session.
Expectations for further price increases are seen to be heading towards the 142.200 zone before trying to reach the 143.00 level to further break the 2023 record.
Meanwhile, if the price falls again, the closest zone that will be seen is around 140,300, the RBS zone (resistance becomes support) for the price.
And if it falls lower, the price will return to the support level of 139.300 which was the beginning of the price surge before.
