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USDJPY price analysis for 13.06.2023

FXGlory | 2023-06-15 10:21

Abstract：The USD/JPY currency pair has experienced a notable shift in market dynamics as the price line recently broke below a bullish channel that had been guiding its upward trajectory.

The USD/JPY currency pair has experienced a notable shift in market dynamics as the price line recently broke below a bullish channel that had been guiding its upward trajectory. This break is indicative of a change in market sentiment, with a potential bearish wave on the horizon.

Adding to this bearish outlook is the formation of a flag pattern on the chart, which typically suggests a period of consolidation before the resumption of the previous trend. Furthermore, the relative strength index (RSI) is indicating potential weakness ahead. With these technical indicators aligning, traders should exercise caution and closely monitor price movements in USD/JPY.

The break below the bullish channel and the presence of the flag pattern imply a potential decrease in demand and a rise in selling pressure. This analysis suggests a higher probability of further downward movement in the USD/JPY currency pair as it continues along its bearish trajectory.

• There is a resistance level 140,000 followed by resistance at 140.600 and 141.150.

• There is a support level of 138.750. Below, there are 137.500 and 136.600.

Remember, this is not financial advice; we do not recommend any investment signs but just an insight for traders.

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