While the Brexit aftershock still
choke the markets, the USD/JPY pair omitted this vibe and performed quite well since
the beginning of the week. Yet this short-term rally can not clearly define
whether the daily uptrend is going to continue further on or a broader
retracement is about to develop.
During today’s session the pair for a while meandered gently near the support line located at ¥101.42, but refused to dive deeper. This level could push the pair to test lower support values, but the focus was set above the ¥102 mark.
The intraday high was booked at ¥102.84, very close to the key resistance at ¥102.94. This level should be considered as a significant trendline, as until the beginning of June it acted as a strong support. As long as the pair is located below, the trend is still bearish.
During today’s session the pair for a while meandered gently near the support line located at ¥101.42, but refused to dive deeper. This level could push the pair to test lower support values, but the focus was set above the ¥102 mark.
The intraday high was booked at ¥102.84, very close to the key resistance at ¥102.94. This level should be considered as a significant trendline, as until the beginning of June it acted as a strong support. As long as the pair is located below, the trend is still bearish.
Chart USD/JPY H4
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