Trading Signal for USD/JPY for June 29-30, 2023: sell below 144.84 (+1/8 Murray – extreme oversold)
June 29, 2023 4:24 pm
USD/JPY pair is approaching 145.00 and trading at its highest level since November 13. In the American session, we see that the yen is trading around 144.84, a key level of strong resistance. We also see strong exhaustion in the last candles on the 4-hour chart.
Yesterday, the US dollar was boosted by upbeat economic data that caused the depreciation of the Japanese yen. Now USD/JPY is approaching key levels. Perhaps institutional investors and the Bank of Japan will take notice of this. We could expect the central bank to intervene. If so, the Japanese yen might strengthen below the psychological level of 145.
In case the Japanese yen continues its upward trend, it is expected to reach + 1/8 Murray located at 145.37. If this scenario occurs, it will not only mean a strongly overbought market. USD/JPY could also raise the alarm of a possible intervention by the Japanese authorities.
The 4-hour chart shows that the Japanese Yen has been following a strong bullish trend since June 13 and now we see extremely overbought levels. The instrument is approaching the zone that coincides with the +1/8 Murray line.
The Eagle indicator has been giving an oversold signal since June 23. So, we are likely to see a technical correction in the next few hours if the USD/JPY pair falls below 144.84.
Our trading plan for the next few hours is to sell USD/JPY below 144.84, with targets at 144.10. Additionally, if the yen breaks the uptrend channel and consolidates below 144.09, we could expect a bearish acceleration as part of a technical correction and the price could reach 6/8 Murray located at 140.62 and finally, reach the psychological level of 140.00 around the 200 EMA.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY pair is approaching 145.00 and trading at its highest level since November 13. In the American session, we see that the yen is trading around 144.84, a key level of strong resistance. We also see strong exhaustion in the last candles on the 4-hour chart.
Yesterday, the US dollar was boosted by upbeat economic data that caused the depreciation of the Japanese yen. Now USD/JPY is approaching key levels. Perhaps institutional investors and the Bank of Japan will take notice of this. We could expect the central bank to intervene. If so, the Japanese yen might strengthen below the psychological level of 145.
In case the Japanese yen continues its upward trend, it is expected to reach + 1/8 Murray located at 145.37. If this scenario occurs, it will not only mean a strongly overbought market. USD/JPY could also raise the alarm of a possible intervention by the Japanese authorities.
The 4-hour chart shows that the Japanese Yen has been following a strong bullish trend since June 13 and now we see extremely overbought levels. The instrument is approaching the zone that coincides with the +1/8 Murray line.
The Eagle indicator has been giving an oversold signal since June 23. So, we are likely to see a technical correction in the next few hours if the USD/JPY pair falls below 144.84.
Our trading plan for the next few hours is to sell USD/JPY below 144.84, with targets at 144.10. Additionally, if the yen breaks the uptrend channel and consolidates below 144.09, we could expect a bearish acceleration as part of a technical correction and the price could reach 6/8 Murray located at 140.62 and finally, reach the psychological level of 140.00 around the 200 EMA.
The material has been provided by InstaForex Company – www.instaforex.com
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