Despite USD Turbulence, USD/JPY Steady Climb To 5-Week High!

<p>&nbsp;With a slow price pattern, the chart of the USD/JPY currency pair today (Thursday) has managed to record a new 5-week high after surpassing the level reached last week.</p><p><br /></p><p>Although the US dollar traded mixed and somewhat gloomy this week, it still managed to maintain its performance against the Yen currency.</p><p><br /></p><p>Even so, investors are being wary of the risk of volatile price movements ahead of the release of United States (US) inflation data in the New York session tonight.</p><p><br /></p><p>The latest inflation forecast for the month of July has increased to 3.3% compared to the 3.0% level that has been successfully recorded in the previous downward trend.</p><p><br /></p><p>If observed on the USD/JPY chart since the beginning of the week, a bullish pattern was successfully displayed after the price started at the opening of the beginning of the week in the 142.00 zone.</p><p><br /></p><p>It has been a bullish signal at the beginning of the week when the price made a rise above the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart, thus reversing the direction of the trend at the end of the previous week.</p><p><br /></p><p>The increase that continued on Tuesday and Wednesday yesterday was seen to be facing an important resistance at the 143.500 zone, but eventually managed to be overcome even at a slow tempo.</p><p><br /></p><p>The slow gains continued in the Asian session this morning and finally surpassed last week's highs at 143,900.</p><p><br /></p><p><br /></p><p>In the European session, the price is seen to try to break the 144.00 level before the focus will shift to higher levels around the 145.00 zone to reach.</p><p><br /></p><p>Next, the 146.00 zone will be the price target with the bullish movement maintained for the recent record highs.</p><p><br /></p><p>However, be aware of the risk of a fall in prices that can occur as a result of the reaction to published inflation data.</p><p><br /></p><p>A further drop below the 143.500 level would expect the price to head back to the support zone at the beginning of the week, 142.00.</p><p><br /></p><p>If it falls lower, the price could reach around 140.00 or lower with a price trend change signal being evaluated.</p>