The safe-haven currency came to the attention of investors in a risky market environment amid the uncertainty of the development of the war between Russia and Ukraine which is seen as yet to give a clue to the end.
This week, the US dollar is seen to be more dominant over the Yen after the two currencies strengthened against each other in trading in recent weeks.
On the price chart of the USD/JPY pair, the price has shown a bullish pattern since the beginning of the week with the strengthening of the US dollar over the Yen.
The US dollar also has room to continue to strengthen after Japan's GDP growth data published on Wednesday recorded a decline in reading figures as well as US inflation data remained at a 40 -year high.
Thus, the price on the USD/JPY chart today (Friday) has recorded a rise to the latest 5 -year high.
At the beginning of last week, the price has made a rise from the support level of 114.700 to the resistance zone of 116.300 in the New York session yesterday.
The high zone was also tested during the price increase in early January trading and also tested again in February trading, but the price remained unsuccessful.
However, there is a different story today when the rally was driven higher through the 116.300 resistance zone and as of the European session, the price has reached the level of around 116.700.
While analysts are a little skeptical for the US dollar to remain dominant over the Yen, the price is likely to continue rising after the positive pattern displayed.
The higher upside target is to head to the high of 118.00, which is the resistance for the price increase in December 2016.
Meanwhile, for the expected decline, the price will return to the 116.300 level that was successfully broken, either the level will be the latest support for the price, or the price will fall lower below it.
The lower decline will return to the level around 115.500 before heading to the support zone 114.700 again for movement on the bearish trend.
