Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move as part of the growth and the bullish channel. At the time of the publication of the forecast, the US Dollar to the Japanese Yen is 139.65. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the US Dollar and a potential continuation of price growth already from current levels. As part of the Japanese Yen exchange rate forecast for June 7, 2023, we should expect an attempt to develop a price correction and test the support area near the level of 137.05. Further, the price bounces up and the USD/JPY pair continues to rise to the area above the level of 144.05.
USD/JPY Forecast for June 7, 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 index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Dollar/Yen currency pair will be a fall and a breakdown of the level of 135.75. This will indicate a breakdown of the support area and the continuation of the fall of the Dollar/Yen pair. In this case, we should expect the pair to continue falling to the area below the level of 133.45. With the breakdown of the resistance area and the closing of quotes above the level of 142.05, which will indicate a breakdown of the upper limit of the bullish channel, and this is a signal to increase the width of the channel.
USD/JPY Forecast for June 7, 2023 suggests an attempt to test the support area near the level of 137.05. Then, the continuation of the growth of quotations in the area above the level of 144.05. In favor of the rise of the pair, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall and a breakdown of the area of 135.75. This will indicate a breakdown of the support level and a continuation of the pair’s fall with a potential target below the level of 133.45.
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