Japanese Yen Technical Outlook: USD/JPY Price- A Clear Trend Sill Lacking
US Dollar vs Japanese Yen Technical Analysis
USD/JPY Price – Corrected Lower
In Mid-June USD/JPY corrected its uptrend and created a lower high at 107.64 causing the price to trade in a trend-less move. On Monday, the market closed above the 50-day moving average and generated a bullish signal.
This week, the Relative Strength Index (RSI) fell from 55 to 50 highlighting weak bulls and weaker bears.
The next week’s data, Japanese household spending (May), the US jobless claims, and the US PPI (June) could provide more clarity for traders and help them to push in a clear direction.
With that said, in JPY Q3 technical forecast the outlook remains to the downside while below the 109.00 handle.
USD/JPY DAILY PRICE CHART (FEB 13 – July 1, 2020)
Written By: Mahmoud Alkudsi, Market Analyst
Please feel free to contact me on Twitter: @Malkudsi
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.