USD/JPY Poised for Further Correction 6/11/2023

Last Friday, the dollar/yen pair experienced a downtrend, reaching the expected corrective target of 149.20 and hitting a low of 149.20. Analyzing the technical aspects today, a negative sentiment prevails, evident in the clear bearish signals from the simple moving averages, which continue to exert downward pressure on the price. The negative signals from the Relative Strength Index further support this outlook.

As long as daily trading remains below the 150.45 level, the bearish scenario is expected to persist throughout the day. The initial target is set at 148.70, and breaking this level would enhance and accelerate the bearish momentum, with the next focus being 148.10.

However, a breakout above the 150.45 resistance level, accompanied by price consolidation, could invalidate the current bearish view. In such a scenario, the pair might see a recovery, aiming for a target of 151.55 before the next price direction is determined.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 148.70	R1: 150.45
S2: 148.00	R2: 151.55
S3: 147.00	R3: 152.17