Relevance up to 17:00 2022-06-08 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical analysis:
USD/JPY has been trading in strong upside cycle and I see potential for further upside continuation. Bullish continuation al patterns are preferable. Trading recommendation: Due to the strong upside cycle on both short and mid term, I see potential for bullish continuation. Watch for buying opportunities on the pullbacks with the upside objectives at the price of 132.90 and 135.00. MACD is showing positive reading, which is good sign that trend is still bullish. Stochastic oscillator is showing potential oversold condition and potential for the rally. Key support s set at the price of 132.20
Read more: https://www.instaforex.eu/forex_analysis/279155
