Market News

Japanese Yen Forecast: USD/JPY and GBP/JPY Analysis

Japanese Yen forecast, USD/JPY, and GBP/JPY technical analyses. USD/JPY eyes a breakout, while GBP/JPY grapples with key support levels.

Key Points:

  • USD/JPY maintains upward momentum, positioning itself for a bullish breakout.
  • Initial resistance for USD/JPY is at 148.00, with potential targets at 148.80 and 150.00.
  • If GBP/JPY breaches the 183.60/183.10 support zone, it may retreat to 180.00, encountering resistance around 186.75.

Japanese Yen Forecast-USD/JPY and GBP/JPY Analysis

USD/JPY Technical Analysis

Last week, USD/JPY reached its highest level since November 2022, although it retraced after encountering channel resistance. Bank of Japan Governor Ueda’s remarks about the potential shift away from negative interest rates later this year initially strengthened the yen, but this boost was short-lived.

USD/JPY has resumed its upward trend, indicating that bullish sentiment remains strong. Potential resistance levels include 148.00, 148.80, and 150.00. A break beyond these levels could lead to further gains, possibly reaching 152.00. In case of a setback, support can be found at 145.90 and 144.55, with a deeper decline possibly targeting 143.85 and 141.75.

GBP/JPY Technical Analysis

Starting from late July and extending into August, GBP/JPY experienced a robust uptrend. However, this uptrend faltered when it failed to breach resistance around 186.75, resulting in a pullback guided by a short-term trendline. As of the latest update, GBP/JPY is hovering above a critical support zone ranging from 183.60 to 183.10.

If the support range fails, it may intensify selling pressure, possibly causing a decline to the psychological level of 180.00. This level could offer initial support, while a breakdown might reveal 176.35, the 38.2% Fibonacci retracement of the 2023 rally. On the other hand, if buyers reclaim control and propel prices higher, they could encounter trendline resistance at 185.35. This might ignite further upward momentum, challenging the 2023 highs.

Stay Updated with the Latest Market News. Visit our YouTube Channel for the Latest Forex Analysis.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and...

Forex Focus: Dollar Strength and Market Movements in Asia

U.S. retail sales in June held steady at $704.3B, buoyed by non-store...

Asian Markets React to Powell’s Dovish Remarks with Mixed Results

Asian markets reacted mixed after Powell's dovish comments, with Hong Kong's Hang...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets
Market News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s inflation remained steady, and chip stocks showed resilience.

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch
Market News

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and geopolitical tensions, impacting regional indices sharply.

Copyright © 2023 Forex Prop News. All Rights Reserved.