28.06.202405:49 Forex Analysis & Reviews: Forecast for USD/JPY on June 28, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/JPY

This morning, the price reached a key resistance level, from which we have been waiting for a bearish reversal for more than a week. The price reached the upper boundary of the global price channel (in blue) on the weekly chart, which shows that a double divergence is ready on the weekly chart.

Market participants are waiting for the Bank of Japan to intervene, the risk of which has increased after Japan just published its CPI report for May. The Tokyo CPI Ex Food and Energy inflation rate increased from 1.2% to 1.4% in annual terms. If the BOJ conducts a foreign exchange intervention, the price could fall by 10 figures to the level of 150.90 within two weeks – to the MACD line on a weekly timeframe.

On the daily chart, the Marlin oscillator is sideways, indicating weakness in the upward trend.

On the 4-hour chart, the price and the Marlin oscillator have formed a double divergence.

It appears that the price intends to return below the 160.40 level. If there is no currency intervention, the price will have to deal with an obstacle at the point of contact with the MACD line (159.70).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.