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JPY Still Weak Across A Few Major Currencies

Authored by TD Markets
15.06.2023
Technical Analysis
0
3 min
FOMC Provides Strength To USDJPY

The Japanese yen (JPY) has been experiencing weakness against several major currencies, a trend that is expected to continue in the near term. Concurrently, the upcoming Federal Open Market Committee (FOMC) meeting is anticipated to bring about increased volatility in the forex market. Traders and investors are closely monitoring these developments as they assess their potential impact on global trade and the broader financial landscape.

The AUDCHF Performance

 Price broke past the neckline at price point 0.60592, with a good solid bullish candle. Pushed up further, missing the first target shy of 30 odd pips. Shorter timeframes are showing a little resistance around the price areas of 0.61470 and 0.61323. The target is still set at  0.61950.

JPY Still Weak Across A Few Major Currencies

The CADJPY Performance

The previous High & Higher High has been taken out by 2 weekly candles. The 3rd Higher High has been formed at a price level of 104.194. We know it is a completely Higher High because the price has now moved past it and is currently sitting around price point 105.221.

We are still aiming for the target 106.155, there could be some resistance on the shorter time frames but let us see if it holds for a retracement or for the target to hit this week.

JPY Still Weak Across A Few Major Currencies

The GBPJPY Performance 

Breakout above 174.210 with a weekly could give us the momentum further to the upside. We can see that last week’s candle as suggested could provide further upside.  It has pushed up from 174.210 to 176.777.

There seems to be a retracement forming at the resistance on the smaller timeframes, M1, M5, and M15 for scalpers. The longer/higher time frames still have a bullish stance and structure. Targets are still analysed for further upside towards 179.611 & 186.644.

JPY Still Weak Across A Few Major Currencies

Read More: What are Safe Haven Currencies?

Final Thoughts on Today’s Analysis 

The Japanese yen remains weak against several major currencies, primarily due to divergent monetary policies and mixed economic data. The upcoming FOMC meeting is expected to create volatility in the forex market, with its decisions potentially further impacting the JPY's position. Traders and investors should closely monitor these developments, along with geopolitical factors, to navigate the currency market effectively.

Authored by TD Markets
15.06.2023
Technical Analysis
0
3 min
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