Technical analysis of the USD/JPY currency pair on an hourly timeframe: 11/07/2023

deltawriter 11 July 2023

Due to concerns about potential intervention by the Bank of Japan (BoJ) in the market’s excessive selling, the yen had an upward trend. This upward trend continued until the currency pair surpassed the 142.00 level, which coincided with the intersection of the 30-day SMA. After breaking this resistance level that had formed in late June, a downward trend began.

Currently, in the technical analysis of the USD/JPY currency pair, the next support level is 140.80. We need to see if the bulls enter the market before this currency pair continues its decline to the psychological level of 140.00. The double dip in the RSI in the oversold zone may lead to a little retreat toward the resistance level at 143.40.

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