'Bearish' Pattern Changes, USD/JPY Re-Erupts 146.00

<p>&nbsp;The chart of the USD/JPY currency pair was also no exception displaying interesting movements last week with the market reacting to important published data.</p><p><br /></p><p>On Tuesday last week, the price managed to reach its latest high since November 2022 when the increase passed the level of 147.00, but after that the price started showing a downward pattern again.</p><p><br /></p><p>A drastic move was displayed on Friday due to the market's reaction to the United States (US) NFP employment data report published in the last session of the week.</p><p><br /></p><p>Initially, the price was seen plunging to the level of 144.500 before the weakened US dollar again showed a stronger strengthening, seeing the price soar back above the level of 146.00.</p><p><br /></p><p>Also breaking the Moving Average 50 (MA50) barrier on the 1-hour time frame on the USD/JPY chart for a bullish signal, the price reached a high of around 146,300 at the end of the last session.</p><p><br /></p><p>The price movement was seen to be flat at 146,300 when resuming trading at the beginning of the market opening this week.</p><p><br /></p><p><br /></p><p>The price increase is expected to continue to head back to the key at 147.00 which was tested last week.</p><p><br /></p><p>If this week's rise is successfully broken, the price will record a new high with a target of 150.00.</p><p><br /></p><p>However, if the price plunges again below the 146.00 level, the 144.500 zone that was reached last week will be tested again this week.</p><p><br /></p><p>A lower drop with a clearer bearish price signal can be expected to reach around 143.500.</p>