FX.co ★ Technical Analysis of Weekly Price Movement of USD/JPY Main Currency Pairs, Tuesday June 20, 2023.

If we look on its weekly chart of USD/JPY main currency pairs, seems move inside the channel which dived downwards which was also confirmed by the CCI indicator which had managed to break above the 100 level, but the price was unable to break the Old High so it is not surprising that currently there is a correction movement upwards which is confirmed by the appearance of the Bullish 123 pattern followed by Ross Hook (RH) and the movement is above the Moving Average, but it is currently being held back by the bearish Fair Value Gap area so that it has the potential in the next few weeks to drop down to the 136.20 level as the main target and 132.94 as the second target but if the upward correction continues to break above the 147.57 level then it is certain that the scenario described previously will be invalid.

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