Looking at USDJPY Chart, we can see the Yen continues its devaluation and the Dollar becoming stronger by day and pushing past its 52-week highs set in early May 2022. Since June 4th we can see the extension of the uptrend from the past few weeks, rallying with momentum on its side and rising from the 130, breaking the 131 technical overhead resistance on June 7th and basing in the 135.5 level on the 8th of June, safeguarding its gains along the way. From there we can see the formation of another leg up in the 133.5 level while it reached as high as 134.4 on June 9th, retracting around the 133 level but quickly rebounding early on today’s session near the same level of 134.4 now deemed as overhead resistance. It was last found trading at the 133.8 level.
Today we can expect an extension of the short-to-medium-term trend and a move past close and possibly past the 134.4 overhead resistance level 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 below the 133 level can be expected.
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