USD/JPY Outlook for June 7, 2023
June 7, 2023 1:27 pmVideo
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Next week, the central banks of Japan and the United States will hold their meetings dedicated to monetary policy issues.
While market participants do not expect any changes in the parameters of the policy conducted by the Bank of Japan, there is still intrigue and some uncertainty regarding the actions of the Federal Reserve. There is a possibility that the Federal Reserve will once again raise the interest rate, although the majority of economists lean towards a neutral decision by its leaders.
Meanwhile, the USD/JPY pair continues to move within upward channels on daily and weekly charts, in the bull market zone—medium-term (above the key support level of 134.80), long-term (above the key support level of 122.00), and global (above the key support level of 110.70).
As of writing, USD/JPY was near the 139.43 mark, which is an important short-term level (200 EMA on the 1-hour chart).
For now, in the long-term and medium-term perspectives, the pair continues to trade in the bull market zone, making long positions preferable.
A breakout of the local resistance level and 50 EMA on the 4-hour chart, passing through the level of 139.43, could be the fastest signal for buying, while a breakout of the local support level of 139.10 could be the fastest signal for selling.
Nevertheless, it is not advisable to expect a significant decline in the pair below the support levels of 137.80, 137.43 (200 EMA on the 4-hour chart) at the moment.
In an alternative scenario, however, the price will break the aforementioned support levels and move into the downward channel on the weekly chart towards the support levels of 134.80 (200 EMA on the daily chart), 134.00.
If the decline continues, a breakdown of the key support level of 122.00 (200 EMA on the weekly chart) will lead USD/JPY into the long-term bear market zone.
Support levels: 139.10, 138.65, 137.80, 137.43, 136.00, 135.50, 134.80, 134.00, 130.57, 129.55
Resistance levels: 139.43, 140.00, 140.85, 144.00, 146.00
The material has been provided by InstaForex Company – www.instaforex.com
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