The situation is getting more critical if you look at the price movement on the chart of the USD/JPY currency pair that continues until the opening of early July.
The yen continued to experience declines for the fourth week in a row after last week the price had risen above the 160.00 level.
Investors are aware of the risk to the trading of the Yen, which fell to the lowest level in 38 years due to the possibility of intervention by the Japanese authorities in the market.
The situation may be similar to what happened at the end of April, when there was a drastic movement that saw the Yen strengthen significantly, but the Japanese central bank refused to comment on the matter.
As of today's Asian trading session (Tuesday), the price on the USD/JPY chart is seen to reach a new high of 161.700 by maintaining a bullish movement pattern.
The price remains above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart so far this week.
The upside is expected to approach the 162.00 level or higher to continue breaking new records.
If the US dollar manages to maintain its strength, the situation of rising prices is expected to continue after this.
However, beware of sudden drastic price plunges in the market when the Yen suddenly strengthens sharply.
The price can plunge to break through the 160.00 level again and change the price trend quickly.
The continuation of the next price drop is expected to react around the 158.00 zone which was the focus zone in the previous trading.
