USD/JPY Forex Technical Analysis for June 23, 2016
Forex Technical Analysis – The USD/JPY pair fell during the day on Wednesday, testing the 105 level for resistance. That being the case, the market looks as if it is trying to continue to consolidate between the 103 level on the bottom and the 105 level on the top. Makes quite a bit of sense though, as we await what is without a doubt going to be a very market moving event coming out of the United Kingdom as they vote on whether or not they are going to be involved in the European Union anymore.
In Other View Point – USD/JPY catches fresh bid, rises to 104.75 as referendum begins
A renewed bout of buying interest gripped the USD/JPY pair in early Europe, although the upside lacked momentum as UK polling stations open for Brexit vote.
USD/JPY eyes 105 handle
The US dollar is seen advancing further against the Japanese yen in early Europe, largely on the back of persisting Bremain sentiment, as Britons queue up at the polling stations for the historical EU referendum. At the time of writing, USD/JPY trades at 104.68 levels, fading a spike to 104.75, still up +0.26% on the day. Meanwhile, the Nikkei 225 index closed up +1.07% at 16,238 points.
All eyes continue to remain on the Brexit-related news flow as Brexit polls begin and will last until 2100GMT, with is no broadcaster exit poll.
USD/JPY Technical levels to watch
In terms of technicals , the immediate resistance is located at 104.94/98 (10-DMA/ daily top). A break above the last, the major could test 105.31/50 (daily R2). While to the downside, the immediate support is seen at 104.53 (5-DMA) and below that at 104 (round number).
In Other View point – USDJPY we could see some upside correction
Traders, Just a simple analysis on the USDJPY pair. Waiting to see some bullish movement to consider a long position.