Select the account you'd like to open

FX analysis

Short-term technical analysis update on USD/JPY ahead of BOJ

Japanese yen


(click to enlarge chart)

Time stamped: 17 June 2022 at 10.30am SGT

Source: CMC Markets

In our prior “Short-term FX Technical Strategy” report dated on 15 June 2022, USD/JPY has staged the expected decline below 135.70 and almost hit the upper limit of 131.25/130.95 support zone (printed an intraday low of 131.49 on 16 Jun).

The technical structure remains skew towards further potential JPY strength in the short-term. Watch the tightened key short-term pivotal resistance at 133.70 for another potential leg of down move towards 131.25/130.95 and a break below 130.95 may open up scope for further drop towards 129.90/70.

On the other hand, a clearance with an hourly close above 133.70 invalidates the bearish tone for a squeeze up towards the 135.70 resistance in the first step.

Disclaimer: CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.

Sign up for market update emails