Assessed market sentiment is still in a recovery situation from concerns about the risk of transmission of the Omicron coronavirus variant previously continued to put pressure on the movement of the safe-haven currency.
The US dollar in the New York session yesterday again showed a significant depreciation against several major currencies in the market.
However, if you look at the movement of the US dollar against the Japanese Yen, the US dollar, which weakened at the beginning of the New York session, moved back better than the weaker Yen.
As of the resumption of Asian and European session trading today (Thursday), prices continued to rise further showing the Yen’s continued dismal performance despite the US dollar remaining weak.
On the price chart of the USD/JPY pair, the price was supported at the level of 114.700 during the decline at the beginning of the New York session yesterday before continuing to rise up to the latest high around 115.150 as of the beginning of the European session.
Reaching that level marks the latest price high for a 5 -week trading period.
The Moving Average 50 (MA50) support level on the 1 -hour time frame also remains supportive of the price moving to a higher level signaling a bullish trend.
The price target for the next rise is expected to be around 115.500 which is the high level reached at the end of last November.
On the other hand, if the price returns to decline, the support level of 114.700 will be tested again for investors to assess the price reaction in the important zone.
The lower decline is expected to the RBS (resistance become support) zone at 114.300 after the rise managed to break the resistance last week.
