The hunt for the price's latest record high for the year on the USD/JPY chart is not yet over after the price reached the current new record at the close of last week.
On Friday, the price which had reached a record level of 145.00 was seen to gradually decrease following the decline of the US dollar driven by profit taking activities by market players after the United States (US) PCE index data was published dismal.
However, market analysts are still of the view that the US dollar still has a lot of room to strengthen its position as the central bank of the Federal Reserve (Fed) is seen to continue raising interest rates again.
Once the economic growth data is examined with strong figures, the employment sector will be evaluated based on the US NFP employment report in addition to the minutes of the FOMC meeting which will also be focused on by investors.
The Yen currency is expected to continue to experience pressure due to the strengthening of the US dollar, but the market needs to be prepared for the possibility that the central bank of Japan (BOJ) may act to intervene directly to re-stabilize the value of the Yen.
At the moment, the price is still seen hovering below the 145.00 zone, which is the current high for the price on the USD/JPY chart to continue the opening of the beginning of the week.
If the US dollar continues to strengthen and push prices higher, the latest record high will be set again after breaking 145.00.
The next target is to go to the 146.00 level which is expected to be an attractive zone by displaying an important price signal in the surrounding area.
However, if the situation starts to change showing a decline, the price will test the 143,500 zone which is seen as initial support for the price.
A lower break will push the price towards the RBS (resistance become support) zone which is at 142.00.
