It seems that the price chart of the USD/JPY pair reappeared with a spike at the beginning of the week after the price closed last week's trade with a plunge of close to 100 pips.
Once again the RBS (resistance become support) zone of 114.000 is seen to be still immune to be overcome and has totally supported the price recording the latest record high since March 2017 around the 115.100 level.
But the price seems to have made a plunge in the European session today (Tuesday) yet a bullish trend is still visible after the price continued to move above the Moving Average 50 (MA50) barrier level.
A bit of surprise was also shown from the 10 -year US treasury yield which re -recorded the increase to be one of the reasons why the Yen currency was dragged back weak.
The USD, on the other hand, continued to take the opportunity to support price movements after benefiting from statements by Federal Reserve (Fed) members who wanted to speed up tapering.
The main catalyst for the greenback dollar will be expected in the New York session on Wednesday with the expectation to be more focused on important US data including the results of the minutes of the FOMC meeting.
The ability to continue to stay translates to a targeted rise to the 115,000 resistance zone to be once again passed before expectations are able to reach up to the 115,000 highest resistance zone.
The jump to the highest resistance zone of 116,000 also looks set to be a new record high over a period of almost 5 years which was last recorded in early January 2017.
But if the price on the USD/JPY chart returns to decline, the RBS (resistance become support) zone around 114.460 is expected to be the next direction to be reached.
While a lower decline to see an early signal to a change in the price trend will be seen if the price movement retests the RBS zone which is currently the most immune at 114.000.
