The USDJPY pair stalled its up-move at the very important 200-day SMA and has now retreated few pips from session tops, touched earlier today. Is further downside possible? What does the following 22 June USDJPY Technical Forecast reveal?
22 June, OctaFX – The US dollar has lost ground against the Japanese yen currency, with the pair earlier tumbling below the 110.00 level after meeting strong selling pressure around the 110.75 level on Thursday.
The USDJPY pair remains intraday bearish below the 110.25 level and currently risks further declines if the 109.82 support level is broken. Traders now look to the release of key US Manufacturing data and the next directional move in the US dollar index.
22 June USDJPY Technical Forecast
- The USDJPY pair is intraday bearish while trading below the 110.25 level, further downside towards the 109.82 and 109.54 levels seems possible.
- If the USDJPY pair moves above the 110.25 level, buyers will likely test towards the 110.40 and 110.75 resistance levels.
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