FX.co ★ Forecast for USD/JPY on June 23, 2021

USD/JPY

The Japanese yen exceeded our expectations. However, the stock market is in no hurry to go into a deep correction, yesterday the S&P 500 grew by 0.51%, which was used by the USD/JPY pair, with an effort to break through the area above the resistance of the MACD line and the price channel. Now the 111.39 target level is open. Even if the stock indices turn to decline, the price will now fight against this pressure and strive for its goal.

There is one potential reversal point on the four-hour chart - a possible divergence of price with an oscillator. But so far this option is weak. We are waiting for the price growth to continue.