Quotes of the currency pair US Dollar to Japanese Yen USD/JPY continue to move within the correction and the bullish channel. At the time of publication of the forecast, the US Dollar to the Japanese Yen is 140.15. 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 forecast for the Japanese Yen on June 8, 2023, we should expect an attempt to develop a price correction and test the support area near the level of 139.45. Further, the price bounces up and the USD/JPY pair continues to rise to the area above the level of 143.35.
USD/JPY Forecast for June 9, 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 137.75. 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 134.45. With a breakdown of the resistance area and closing of quotes above the level of 141.55, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of the model with targets at the top.
USD/JPY Forecast for June 9, 2023 suggests an attempt to test the support area near the level of 139.45. Then, the continuation of the growth of quotations in the area above the level of 143.35. 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 137.75. 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 134.45.
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