The Japanese Yen is seen not to have received such a significant impact following the outcome of Japan's central bank's monetary policy meeting in today's Asian session.
However, against the US dollar, the Yen moved weaker earlier this week after successfully performing better against the US dollar last week.
On the chart of the USD/JPY pair, the bearish trend of the price continued until last week completing a 3-week bearish pattern with the lowest level reached around 107.500 on Friday.
Yesterday’s trading saw the price make a rise above the support level of the Moving Average 50 (MA50) on the 1 hour time frame of the movement for the initial signal of the bullish trend.
The end of the New York session saw the price move slowly after testing the resistance level of 108.200.
Continuing the Asian session this morning, the price is seen to have managed to pass that level to enter the resistance zone of 108.500-108.200.
This zone needs to be passed by the price to further strengthen the bullish trend signal on the USD/JPY chart but requires stronger factors to support US dollar trading.
The price increase will head back up to the focus zone above the 109.400 level.
However, investors may be more wary of US dollar trading ahead of the FOMC meeting as well as US economic growth data for the first quarter of 2021.
If the US dollar moves weaker, prices are likely to resume the decline as in previous weeks.
The price support zone is seen at around 107,500-107.400 which was tested at last week's lowest price decline
