The US dollar still maintained its strength in trading in the Asian session this morning (Thursday) after successfully recovering from the decline during the reaction to the FOMC meeting early the previous morning.
At 2 o'clock this morning, the results of the FOMC meeting for the September 2024 edition became the main focus of the market as the most awaited event of the year.
The Federal Reserve (Fed) lowered interest rates by 50 basis points to 5.00%, the first reduction since 2020.
The US dollar weakened as soon as the results were announced, but recovered towards the end of the New York session after the end of the meeting with Fed Chairman Jerome Powell.
Continuing to the Asian session this morning, the US dollar still maintains its strength to recover against the Yen.
Previously, the US dollar 'lost' to the Yen with a continuous fall to the lowest level since July last year.
The situation can be observed on the price movement on the chart of the USD/JPY currency pair with the increase in the Asian session just now managed to approach around 144.00, but slightly retreated to the opening of the European session.
At the beginning of the week, the price reached the 140.00 zone which marked the lowest level in more than 1 year before starting to show an increase ahead of the FOMC meeting.
Price movement above the Moving Average 50 (MA50) support line on the 1-hour time frame on the USD/JPY chart will continue to signal bullish movement for the price.
If the price increase continues successfully, overcoming the level of 144.00 will expect a higher increase towards the target of 146.00-147.00.
On the other hand, if a fall occurs, the 140.00 zone remains seen as a target to be tested as a support zone for the current price.
If it breaks through that zone, the price will continue to record new lows with the target moving to around 137.00.
Investors will be wary of Yen movements ahead of the Bank of Japan (BOJ) policy meeting on Friday.
