The price chart for the USD/JPY safe-haven currency pair can still be assessed to continue the previous bullish trend despite displaying a bearish pattern last week.
Previously the price has managed to maintain the rise for several weeks until the decline last week.
The price, which had soared at the beginning of last week, reached a high of 125.00, the highest level since August 2015, but began to decline again.
The decline was supported by the 121.500 level which is in the RBS zone (resistance become support), tested several times but the price failed to decline lower.
Back signaling to continue the bullish trend again, the price at the weekend started moving from the 121.500 zone and passed the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the USD/JPY chart.
Following the release of the NFP jobs report on Friday, the price rose slightly to a high of 123.00 before hovering below that level until trading resumed at the beginning of the market opening this week.
From the Asian session to the beginning of the European session, the price is still moving slowly above the MA50 support level and is expected to move more aggressively in the New York session.
If the price resumes its previous rise, the 123.500 level is expected to be passed for the price to head back to the 125.00 high reached last week.
And if the rise continues beyond that high, the price is seen to test the resistance level for the 2015 trade which is around 125.800.
However, if the rise fails to do so instead the price continues last week's bearish pattern, a bearish trend will be expected on the USD/JPY chart after the price drops past the 121,500 zone.
The lower decline will return to target up to the level of around 118.00.
