USD/JPY Price Analysis: Bulls Could Be About To Step In Again At Prior Resistance

By Ross J Burland of FXStreet

Where Forex Never Rests • Jun 15, 2023 at 4:00 PM EDT

USD/JPY bulls take a step back but eye higher highs.

USD/JPY has reached the highest levels since November 2022 as the US Federal Reserve maintained a hawkish stance in Wednesday's interest rate announcement with the dot plot hinting at two more quarter-point rate increases this year. However, a big wick is being left on the day's candle currently as the US Dollar and US Treasury yields pared gains. At the same time, investors digested the European Central Bank's interest rate hike and a flurry of economic data. Nevertheless, should support on the 4-hour charts hole, there will be prospects of a bullish extension in the coming sessions and days as the following analysis illustrates:

USD/JPY daily charts

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USD/JPY H4 chart

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The support on the 4-hour chart could be where the price is meeting old resistance that is aligned with the 50% mean reversion of the 4-hour bullish impulse.

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