Technical Analysis: USDJPY

USDJPY came close to the 160 mark

On Tuesday, USDJPY continued rising. At one point, it came close to the 160 mark, reaching a one-month high.

The USDX was prone to fluctuation and climbed

On Tuesday, the USDX was steady above the 99 mark. It ended up 0.03% at 99.22.

Tokyo Core CPI decreased in May

Tokyo Core CPI, y/y (May) fell from 1.5% to 1.3% Vs. 1.5% (forecast), and Tokyo CPI, m/m (May) decreased from 0.6% to 0.3%, according to the data from the Statistics Bureau of Japan (SBJ).

The bullish market trend prevailed

the Chart of the Day

On the chart of the day, USDJPY was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that USDJPY will rise further. Investors should focus on whether USDJPY will break through the resistance at 160.7. It will jump with potential resistance at 162.0 if it breaks above 160.7.

4-hour chart

On the 4-hour chart, USDJPY was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether USDJPY will break through the support at 159.7. It will jump if it retreats but is stable above 159.7.

Key resistance: 160.7,162.0

Key support: 159.7,159.1

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as USDJPY retreats during the day.