The quotes of the USD/JPY currency pair continue to move within an uptrend and a bullish channel. At the time of the forecast publication, the exchange rate of the US Dollar against the Japanese Yen is 141.41. The moving averages indicate the presence of a short-term bullish trend for the pair. Prices are once again testing the area between the signal lines, indicating pressure from US Dollar buyers and a potential continuation of price growth from current levels. As part of the forecast for the Japanese Yen exchange rate on June 22, 2023, we can expect an attempt to develop a price correction and test the support area near the 140.60 level. This would be followed by an upward price rebound and a continuation of the USD/JPY rally towards an area above the 143.45 level.
USD/JPY Forecast for June 22, 2023
An additional signal in favor of the growth of the USD/JPY currency pair will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower boundary of the bullish channel. The cancellation of the scenario for the growth of the USD/JPY currency pair will occur with a decline and a breakthrough below the 139.35 level. This would indicate a breakthrough of the support area and a continuation of the decline in the USD/JPY pair. In this case, we can expect the pair to continue its decline towards an area below the 136.85 level. A breakthrough of the resistance area and the closure of quotes above the 142.95 level, indicating a breakthrough of the upper boundary of the bullish channel, would signal an increase in the width of the channel.
USD/JPY Forecast for June 22, 2023 suggests an attempt to test the support area near the 140.60 level, followed by a continuation of the quote’s rise towards an area above the 143.45 level. A test of the trend line on the relative strength indicator supports the upward movement of the pair. The cancellation of the growth scenario will occur with a decline and a breakthrough of the 139.35 area. This would indicate a breakthrough of the support level and a continuation of the pair’s decline with a potential target below the 136.85 level.
