Looking at USDJPY Chart, we can see the Yen having another rough week, pushing past its all-time highs set in early May 2022. Since June 1st we can see the start of the rally rising from the 128 level to the 129.4 on June 2nd without much friction. From there it consolidated in the 130 range for the next two days and on June 4th it managed to form another leg up claiming its spot close to the 131 trading range where longer-term resistance could have been reasonably expected. Early on today’s session, however, we saw the breakout from that overhead resistance of 131.3, its previous all-time high, soaring past it, and reaching as high as the 133 level. It was last found trading at the 132.8 level.
Today we can expect an extension of the short-term trend and a move past the 133 range as the positive momentum is overwhelmingly on its side.
However, if it doesn’t manage to hold on to its current level then a move towards the 131.3 level can be expected.
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.