Forex analytics and overview

Chart of the Day: USD/JPY’s Bounce Stalls

07/21/2023

Less than a minute

2023.07.21 04:47

Blake Morrow

The bounce stalled at the 38% retracement today at 140.25 which could be the top of the bear flag pattern. Also, the 50dma is also near the highs today as well. A move back below 139.00 would suggest that the pair will revisit the 200dma and possibly lower.

Also, to note, the Bank of Japan meeting is next week and there is speculation of a possible change in Yield Curve Control (YCC) on the horizon which could strengthen the JPY.

USD/JPY Daily Chart

07/21/2023

Less than a minute

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