The strengthening of the US dollar continued until the end of the week as the currency managed to move stronger against other major currencies in the market.
Against the Yen, the US dollar has managed to reach a 12-week high as shown on the USD / JPY pair price chart.
Investors remain concerned about the development of the United States (US) economic stimulus package under President Joe Biden in the hope that the launched package will revive the US economy at an immediate rate.
Investors however remained wary of US dollar trading ahead of the NFP employment data report on Friday.
USD / JPY trading this week has been above the level of 105.00 after a series of increases exhibited last week. But price movements this week are more flat.
The price remains above the support level of Moving Average 50 (MA50) on the 1 hour time frame of the price movement which is still showing bullish trend.
In today's trading (Thursday), although moving slowly, the price still showed a bullish pattern and recorded a rise to the latest highs at the beginning of the European session.
The accelerated increase is seen heading to the 105,600 zone which was the price resistance zone in October and November last year.
If the price falls again below the support level of MA50, the RBS (resistance become support) 104.800 zone will be tested for investors to assess the direction of further price movement.
A lower drop below the zone will signal a bearish trend change with the price expected to fall again around the R4. 104.400 zone.
