Abstract:USD/JPY Forecast: Approaching this year’s high, bullish
The June Jibun Bank Manufacturing PMI is foreseen at 52.3 from 53 in May.
Wall Street flirted with record highs, providing support to USD/JPY.
USD/JPY has room to extend its advance beyond the current 2021 high at 110.96.
The USD/JPY pair hit an intraday high of 110.78, underpinned by a positive mood, reflected by Wall Street extending gain toward record highs. Government bond yields saw little action, with the yield on the 10-year US Treasury note comfortably consolidating below the 1.50% level and failing to provide directional clues to USD/JPY.
This Wednesday, the Bank of Japan will release the Minutes of its latest meeting. Japan will publish the preliminary estimate of the June Jibun Bank Manufacturing PMI, foreseen at 52.3 from 53 in May, and the April Leading Economic Index, expected to be confirmed at 103.
USD/JPY short-term technical outlookThe USD/JPY pair keeps approaching this years high at 110.96. The risk is skewed to the upside according to near-term technical readings, and despite the pair easing from the mentioned daily high. In the 4-hour chart, the pair has continued to advance beyond its moving averages, which slowly gain bullish strength. Technical indicators are retreating with uneven strength from intraday highs, holding within positive levels.
Support levels: 110.50 110.05 109.70
Resistance levels: 110.95 111.30 111.80
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Easy Trading Online Broker Proud to be a trusted Forex trading platform. Fulfilling all the mentioned criteria, we provide: A trading platform that is easy to use and understand. Advanced market analysis tools To help you keep track of market changes and make effective trading decisions. Competitive trading fees It will help you save on your expenses. Professional customer support team Always available to advise when in doubt 24/7.
Easy Trading Online, a leading global CFDs broker regulated by ASIC, won the Best Online Trading Services Award at the BrokersView 2024 Award for Brokers with Outstanding Assessment·Middle East in Dubai. The award recognizes their excellence in trading services, leveraging technology and ensuring liquidity.
The Traders Fair Thailand 2024 was successfully held at Bangkok Shangri-La Hotel on February 3rd. As an exhibitor and sponsor, Easy Trading online attended the Expo with professional service team and extraodinary online trading experience on FX & CFDs.
Easy Trading Online, global CFDs & FX broker, is excited to announce its platinum sponsorship of the "Demo Trading World Cup Season 2." This sponsorship not only reinforces Easy Trading Online's commitment to the forex trading community but also highlights its status as nominated as one of the “the hottest brokers” and “the most popular brokers”in the popularity polls.
IC Markets
IPCAPITAL
SMART BALANCE
APTS
FOREX.com
SECURETRADE
IC Markets
IPCAPITAL
SMART BALANCE
APTS
FOREX.com
SECURETRADE
IC Markets
IPCAPITAL
SMART BALANCE
APTS
FOREX.com
SECURETRADE
IC Markets
IPCAPITAL
SMART BALANCE
APTS
FOREX.com
SECURETRADE