Relevance up to 14:00 2022-06-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Red line – resistance (broken)
Blue line – trend line resistance
Back in May 30thth we noted that USDJPY was respecting the short-term support at 127 and that a break above the red downward sloping resistance trend line would provide us with a bullish signal. In that analysis we mentioned that such a break could bring USDJPY towards its recent highs and why not make new 2022 highs. This week USDJPY is approaching 134 continuing its multi week bull run with shallow retracements and keeping our major inverted head and shoulders target intact. At 134.80 we find our short-term target where the blue upward sloping trend line is found. I would expect the current upward move that started at 126.40 to at least pause at 134.80.
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