USD/JPY Bouncing Up Re-approaches Key ¥150.00 Zone

<p>&nbsp;A change in the direction of price movement on the chart of the USD/JPY currency pair was exhibited this week which bounced back to make an increase again.</p><p><br /></p><p>In addition to the US dollar currency being watched over the past few weeks as important economic data comes into focus, investors are also keeping a watchful eye on the yen's volatile movements.</p><p><br /></p><p>Markets are currently digesting news of the central bank of Japan's (BOJ) plan to end loose monetary policy by 2024 under new governor Kazuo Ueda.</p><p><br /></p><p>Investors remain cautious with the risk of volatile Yen movement as it has been throughout 2023.</p><p><br /></p><p>On the USD/JPY chart, a bearish pattern has been in place over the past week and continued at the early opening of this week seeing prices close to the 147.00 level.</p><p><br /></p><p>However, the price bounced back until trading resumed on Wednesday yesterday almost reaching the 150.00 concentration level again.</p><p><br /></p><p>The increase reached around 149,700 before the price began to retreat again to resume movement in the Asian session this morning (Thursday).</p><p><br /></p><p><br /></p><p>Opening the European session, the price is seen hovering around 149.00 and is still above the Moving Average 50 (MA50) support line on the 1-hour time frame on the USD/JPY chart to remain with a bullish signal.</p><p><br /></p><p>The increase if it continues again is seen to test the important zone of 150.00 which was previously a critical zone that could trigger the intervention of the central bank and the Japanese government in the market.</p><p><br /></p><p>However, if it succeeds in breaking through, the price is likely to continue its rise to the height reached before, which is at 151.90.</p><p><br /></p><p>On the other hand, if the price falls below the MA50 support level, this will be an indication of a bearish movement for the price.</p><p><br /></p><p>The decline will continue towards the 147.00 support zone and the price reaction around that will be observed for further movement indicators.</p>