USDJPY Bull Theme Resurfacing

Technical Analysis

Wednesday 24th June sees the release of the Bank of Japan Monetary Policy Meeting Minutes from June. Although we do not look for any surprises here, this could point the way to further USDJPY rebound activity.

USDJPY Upside risks

A still firmer rally, with a bounce from the 122.53/43 support area, through 123.61, for a better recovery bias into midweek.

We still see an underlying bull tone from the May bull breakout above the 2002 peak at 125.81, to push USDJPY to its highest level for over 13 years!

For Today:

  • We see an upside bias for 124.19; break here aims for 124.44 and 124.62.
  • But below 123.52 opens risk down to 123.00, which we again look to try to hold.

Short/ Intermediate-term Outlook – Upside Risks:

  • Whilst above 121.53, we see a positive tone with the bullish threat to 125.81/85.
  • Above here targets 129.08 and 130.00.

What Changes This? Below 121.53 signals a neutral tone, only shifting negative below 120.64.

2 Hour USDJPY Chart


Daily USDJPY Chart


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