If you noticed, the price on the USD/JPY safe-haven currency pair chart yesterday has made a rise to reach its latest high level again since 2002 when it surpassed the high reached at the end of last April.
If we look at the price movement since last week, the price has managed to make a rebound at the end of the week after the decline tested the RBS zone (resistance become support) at 129.00.
Price movements are seen to remain driven by the more dominant US dollar with investor focus since last week geared towards the FOMC meeting and the US NFP employment data report.
After moving back above the Moving Average 50 (MA50) support level on the 1 -hour time frame, investors assess the price will continue the bullish trend continuing this week.
The Asian session at the opening of trading earlier this week yesterday saw prices make a continuous rise into the beginning of the European session surpassing the highs reached two weeks ago, hitting the latest high since 2002 at around 131.300.
However, the price then displayed a rebound until the end of the New York session trading to the level of around 130.200.
A bearish move below the MA50 level again also signals for a change in the bearish trend after the price recorded its latest high.
The decline if continued is seen to re -test the RBS 129.00 zone like last week's price movement situation.
And if a lower decline occurs, the price is likely to decline towards the 128.00 level or the price support zone around 127.00.
But if the US dollar continues to show streaks this week and push prices higher, prices will continue to hit their latest 20 -year highs.
The next bullish target is likely to test the 132.00 level to continue the movement in the bullish trend.
