The USDJPY is recovering – Analysis - 08-06-2023

The USDJPY pair traded with clear positivity yesterday after consolidating above 139.20 level, to the symmetrical triangle’s resistance that its signs appear on the chart, located now at 140.20, to confine the price between these levels, waiting to surpass one of them to detect the next destination clearly, which makes us continue with our neutrality until now.

The contradiction between the technical indicators provides another reason for neutrality, noting that breaching 140.20 resistance will lead the price to resume the main bullish trend and head towards 141.00 followed by 141.70 levels as next positive stations, while breaking 139.20 support represents negative factor that will push the price to achieve additional bearish correction that its next target reaches 138.20.

The expected trading range for today is between 139.00 support and 140.80 resistance

The expected trend for today: Neutral