Forecast for USD/JPY on June 10, 2024



The USD/JPY pair rose by 115 pips on Friday, under the strong influence of the dollar's strength on the US jobs data. The 61.8% Fibonacci level was reached.


It seems that this bullish mood will not last long, as curry trade operations with yen pairs are gradually winding down, and the burgeoning risk-off sentiment will increase the market's interest in the yen. But for now, with overcoming the Fibonacci 61.8% level (157.00), the price may continue to rise to the target range of 158.00/24 - to the corrective level of 76.4%. The Marlin oscillator has moved into the bullish territory, which also helps the dollar in its fight against the yen.


On the 4-hour chart, the price took a little break above the MACD line, currently intending to climb above 157.00. Consolidating above this level paves the way for the price to trade in the range of 158.00/24. If the price doesn't consolidate above 157.00, and instead it consolidates below the MACD line at 156.64, the downward movement may resume with the first target at 155.75.

The material has been provided by InstaForex Company - #

No comments:

Post a Comment