The quotes of the currency pair US Dollar Japanese Yen (USD/JPY) continue to move within the framework of an upward trend and a bullish channel. At the time of this forecast, the exchange rate of the US Dollar to the Japanese Yen stands at 141.69. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken above the area between the signal lines, indicating buying pressure on the US Dollar and the potential continuation of price growth from current levels. As part of the forecast for the Japanese Yen exchange rate on June 21, 2023, we can expect an attempt to develop a price correction and test the support area near the 140.65 level. Then, a price bounce upwards and a continuation of the USD/JPY pair’s rise towards the area above the 144.75 level.
USD/JPY Forecast for June 21, 2023
An additional signal in favor of the rise of the USD/JPY currency pair would be a test of the support line on the Relative Strength Index indicator. A second signal would be a bounce off the lower boundary of the bullish channel. The scenario of the USD/JPY pair’s rise would be invalidated by a decline and a breakthrough of the 138.25 level. This would indicate a breakout of the support area and a continuation of the decline in the USD/JPY pair. In this case, we should expect the pair’s decline to the area below the 136.05 level. Confirmation of the rise would be a breakthrough of the resistance area and the closing of quotes above the 142.95 level, indicating a breakout of the upper boundary of the bullish channel, signaling a rise by the width of the channel.
USD/JPY Forecast for June 21, 2023 suggests an attempt to test the support area near the 140.65 level, followed by a continuation of the quotes’ rise towards the area above the 144.75 level. Confirmation of the rise would be a test of the trend line on the Relative Strength Index indicator. The scenario of the rise would be invalidated by a decline and a breakthrough of the 138.25 area. This would indicate a breakout of the support level and a continuation of the pair’s decline with a potential target below the 136.05 level.
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