As the US dollar came under pressure after the FOMC meeting early this morning, the Yen currency was seen to maintain its excellent trading performance to remain strong for several sessions.
The Federal Reserve (Fed) is expected to keep interest rates unchanged at the latest meeting, but the market is more concerned when Chairman Jerome Powell signals preparations to implement interest rate cuts if the situation is appropriate.
Meanwhile, the Japanese central bank on Wednesday yesterday was seen taking a different approach compared to the path of most central banks to switch to policy easing.
The Bank of Japan (BOJ) announced an increase in interest rates to 0.25% and also plans to reduce bond purchases.
Both the 'hike rates' and 'tapering' measures are measures used by the central bank during the monetary policy tightening phase which can encourage an increase in the value of the currency.
Thus, investors can see a clear direction of movement on the price chart of the USD/JPY currency pair this week.
The bearish trend was maintained for several weeks and until yesterday, the price has managed to drop back to the 150.00 level.
In the Asian session this morning (Thursday), the price that started around that continued to drop lower to reach 148.500 but bounced back to the 150.00 level.
The price movement remains below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the USD/JPY chart, which indicates a continued bearish trend.
For the expected decline in price after this, the target is around 147.00 for the price to record the latest 5-month low.
However, if the price manages to stay above the 150.00 zone, there is potential for price recovery to take place to around 152.00 again.
