Following a rebound from the support level at 146.11, the USD/JPY pair has reached the upper line of the wedge pattern on the daily chart and is now targeting the 148.66 resistance level (the May 12 high).
A consolidation above this level would open the path toward 151.30. This scenario is plausible, as Japan is set to hold parliamentary elections (upper house) on July 20, and according to voter polls, the ruling coalition may lose its majority. This raises the risk of Prime Minister Shigeru Ishiba's resignation.
Today, U.S. June inflation data will be released. The CPI is expected to rise from 2.4% y/y to 2.65 y/y, which also supports the dollar's strength against the yen.
On the four-hour chart, the signal line of the RSI is consolidating along the zero line. Given the local upward trend, this indicates a strengthening bullish momentum.
A consolidation above this level would open the path toward 151.30. This scenario is plausible, as Japan is set to hold parliamentary elections (upper house) on July 20, and according to voter polls, the ruling coalition may lose its majority. This raises the risk of Prime Minister Shigeru Ishiba's resignation.
Today, U.S. June inflation data will be released. The CPI is expected to rise from 2.4% y/y to 2.65 y/y, which also supports the dollar's strength against the yen.
On the four-hour chart, the signal line of the RSI is consolidating along the zero line. Given the local upward trend, this indicates a strengthening bullish momentum.
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DAILY FREE SIGNAL. FREE SIGNAL (95% accuracy) TP AND SL PROVIDED
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.