FX.co ★ Forecast for USD/JPY on June 20, 2023

USD/JPY

The USD/JPY pair has finally reached another embedded line of the price hyperchannel line on the higher chart. Overcoming the resistance level will pave the way to the next line around the 147.40 mark. Here, we also see that the price has settled above the balance and MACD indicator lines.

On the daily chart, the price has settled above the upper limit of the ascending green channel. We can see that the price did not reach the blue line of the price channel, but such small errors are possible when changing scales.

We also see the first signs of divergence on the daily chart. It may not materialize, but in that case, the price needs to establish itself above 142.30 as soon as possible.

If the divergence is realized, a correction to 140.35 is likely, and the price breaking above the upper limit of the green channel will turn out to be false. However, this does not negate the possibility of a breakout. The bullish and main scenario will be canceled if the price falls below 138.60.

On the four-hour chart, the oscillator is also suppressed. The price intends to enter a downward correction, with the main obstacles being the MACD line (140.56) and the level 140.35.