The price movement on the chart of the USD/JPY currency pair intensified this week when the price surge was so significant that the price recorded a recent 1-year high.
Last Tuesday, the market was once again surprised by a surge in price that penetrated the important level of 150.00 and continued to rise above the price peak reached last week around 150.770.
The Bank of Japan (BOJ) has kept interest rates unchanged at -0.10% and has not signaled intervention despite the yen's drastic move in the market over the past week.
After overcoming that level, the price continued to climb higher until it finally reached the level of 151,700 which became the highest price record since October 2022.
Concerns continue to surround the market as many look forward to intervention measures by the government and the central bank of Japan (BOJ) as they have done before.
The pattern of price declines was displayed again since yesterday until continuing into the Asian session this morning (Thursday) following the reaction of the FOMC meeting which has made the US dollar currency weaker.
The price has fallen back to around 150.150 before the slow price movement resumes the trading opening of the European session this afternoon.
A bearish price signal is assessed after the price plunges below the Moving Average 50 (MA50) line on the 1-hour time frame on the USD/JPY chart.
With the ongoing bearish pattern, the expectation is for the price to head towards the 150.00 concentration zone again and the reaction around that will be watched for further indications of movement.
If the price falls lower, the bearish price can aim to reach back to the level touched at the beginning of the week around 148.800.
