USD/JPY long term technical analysis June 2020

USD/JPY Long-term outlook

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The world situation continue uncertain at the current time as economy reopening seems followed by surge in the coronavirus cases. No vaccine found yet which means most of the risk assets will continue trading flat or under pressure. USD/JPY initially move higher at the beginning of the month but lost its bullish momentum as coronavirus cases increased.

The pair might continue under pressure near the 107.00 support level this month and next month while traders and investors assessing the releases of second quarters data.

New Month

Monthly chart

USD/JPY continues to stick near the bottom of the range. The pair mostly sideways near the 107.00 support level. At the current time, traders will continue to monitor the pair reaction near the bottom support. As long as there is no breakout and close below 107.00 also 105.00, there is a chance USD/JPY could bounce and continue movement inside 105.00 – 115.00 area.

Weekly chart

On the weekly chart, USD/JPY fell with strong bearish momentum at the start of June. The pair managed to close below 107.00 but no bearish continuation last week. We have a possible bullish pin bar pattern which might indicate a reversal.

A bullish confirmation above the bullish pin bar pattern needed before traders could conclude that USD/JPY will start moving higher toward 108.50.

Daily chart

USD/JPY on the daily chart maintained the level near 107.00 and has a bullish trendline present. If the pair move lower then it might find support near the trendline. More confirmation needed for a bounce from 107.00. On the upside, 108.50 is the bullish target traders will watch.

Trade plan

USD/JPY mostly under pressure in June but managed to maintain the position near 107.00 support level. No major breakout and close below the level which mean there is chance for the pair to bounce from the support level. Bullish strategies could be applied while monitoring the reaction at 107.00.

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