A change in the price trend was detected on the chart of the USD/JPY currency pair at the close of trading at the end of last week when the release of the United States (US) NFP employment data report came into focus.
After readings of components of the report were judged gloomy, the US dollar has experienced a decline as investors began to doubt that the Federal Reserve (Fed) will raise interest rates by 50 basis points at the March meeting.
Further reducing confidence in the rise, the Silicon Valley Bank (SVB) crisis has shaken the market that experienced a collapse caused by the effects of high interest rates before.
On the USD/JPY chart last Friday, the price made an initial rise to 137.00 before plunging to around 134.100.
After closing the week's last trading session around 135.00, the price resumed this week's opening with further declines to around 134.700.
Price movement below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the USD/JPY chart expects the bearish movement pattern to continue this week.
The price looks set to continue its decline to the latest 4-week low hitting the target at 132.00.
Meanwhile, if there is an increase, the price will test resistance at the 135.00 level before giving the next signal for a higher increase.
If the increase continues, the price will go back to the level of last Friday's plunge which is at the height of 137.00.
