Towards the end of September, the movement of the currency market became more intense involving the focus currencies including the US dollar, Yen, Euro, Pound and others.
Among the focus in the past week is the resurgence of the Yen which previously moved weakly in the market following the Japanese government's direct intervention in the financial market.
Successfully closed out last week's trade with a bang, but this week's trade saw the Yen move a bit bleak again.
As can be seen from the price movement on the chart of the EUR/JPY currency pair, the price that has fallen to a 4-week low is seen to bounce back towards the end of the week.
After the price reached the 137,500 level at the beginning of the week, the price movement was flat above that level before there was a signal of a price change again on Wednesday's trading yesterday.
In addition to the Yen which started to move gloomy again, the Euro also started to be supported by the hawkish statement by the European central bank with a signal for several more interest rate hikes to be implemented for the next meeting.
If we examine the price movement yesterday, the price has made an increase from the level of 138.00 up to 140.400 after passing the Moving Average 50 (MA50) barrier in the 1-hour time frame on the EUR/USD chart as an early signal of a trend change.
Continuing trading today (Thursday), the price is hovering slowly in the 140.00 zone, but it is possible that the price increase may continue after the jump displayed earlier.
For the next expected increase, the 141.500 zone will be the focus before the continued increase will target up to 144.00.
However, be alert if the price returns to show a further decline after failing to break the barrier at the 140.00 zone.
The drop in price is about to return to the 137,500 support zone that was hit on the plunge displayed at the market opening this week.
