Written By : ForexAbode.com || Tuesday, 23 June 2015 05:27 GMT

USD/JPY Daily Analysis - June 23, 2015

Current Exchange Rate: 123.70 at the time of analysis update.

Intraday outlook: Neutral bullishl outlook for USD/JPY.

 On technical grounds the strong jump of USD/JPY signified two forces - the short-term support line and the upper edge of the daily Ichimoku cloud. The current price action is near the resistance line of a short-term horizontal channel and just beyond that the Kijun line of daily Ichimoku cloud, which is at 124.15 keeps us neutral for upside. The resistance line of the mentioned channel is a bit critical as it also represents previous supports turned into resistance. Considering all these factors we remain neutral for USD/JPY.

 

Even in case of a break over 124.15, we would expect the upside to be limited to 124.24 which as a recent resistance, which also doubles up because of the resistance of upcoming psychological level of 125.00.

 

USD/JPY Daily and Hourly Charts

USD/JPY Hourly Chart      

USD/JPY analysis - hourly chart- June 23, 2015.

USD/JPY Daily Chart      

USD/JPY technical analysis - daily chart - June 23, 2015.

The technical reasons behind the recent jump of USD/JPY.

The Forex technical analysis for USD/JPY is updated daily. Please check the update time at the top before taking any action.

Further Resources and notes

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Note 2: Please also take a look at USD/JPY forecast or mid-term term trading approach updated on the weekends.

You may also check the  updates for USD/JPY market sentiments.

USD/JPY Interest Rate comparison
(For Carry Trades)
US dollar (USD) interest rate
0.25%
Japanese yen (JPY) interest rate
0.10%
USD/JPY interest Rate Comparison
0.15%

USD/JPY Resistance and Support with Daily Pivot Points (Values at GMT 00:00)

Last Updated (Wednesday, 24 June 2015 03:47) GMT

Standard Pivot Point for USD/JPY Fibonacci Pivot Point for USD/JPY Woodie Pivot Point for USD/JPY Camarilla Pivot Point for USD/JPY
R3 125.02 R3 124.6     R3 124.03
R2 124.6R2 124.29R2 124.61R2 123.96
R1 124.21 R1 124.1 R1 124.22 R1 123.88
Pivot 123.79 Pivot 123.79 Pivot 123.8 Pivot 123.79
S1 123.4 S1 123.48 S1 123.41 S1 123.74
S2 122.98 S2 123.29 S2 122.99 S2 123.66
S3 122.59 S3 122.98     S3 123.59
Open 123.42 Open 123.42 Open 123.42 Open 123.42
High 124.19 High 124.19 High 124.19 High 124.19
Low 123.38 Low 123.38 Low 123.38 Low 123.38
Close 123.81 Close 123.81 Close 123.81 Close 123.81

USD/JPY's Correlation with other currency majors

USD/JPY Correlation Values:
 
USD/JPY
P
e
r
i
o
d
U
S
D
/
J
P
Y
AUD
/USD
EUR
/CHF
EUR
/GBP
EUR
/JPY
GBP
/USD
NZD
/USD
USD
/CAD
USD
/CHF
EUR
/USD
1
W
e
e
k
1 -0.31 0.86 -0.18 0.85 0.25 -0.83 0.08 0.4 0.02
1
M
o
n
t
h
1 0.64 0.73 -0.18 0.67 -0.21 -0.86 0.29 0.68 -0.63
1
Y
e
a
r
1 -0.2 -0.47 -0.6 0.94 0.69 0.49 0.66 -0.68 0.69

USD/JPY Correlation Graph:
 
-0.31
   
-0.2
   
 
0.86
   
-0.47
   
 
-0.18
   
-0.6
   
 
0.85
   
0.94
   
 
0.25
   
0.69
   
 
-0.83
   
0.49
   
 
0.08
   
0.66
   
 
0.4
   
-0.68
   
 
0.02
   
0.69
   
   
0.31
   
0.2
 
   
0.86
   
0.47
 
   
0.18
   
0.6
 
   
0.85
   
0.94
 
   
0.25
   
0.69
 
   
0.83
   
0.49
 
   
0.08
   
0.66
 
   
0.4
   
0.68
 
   
0.02
   
0.69

Notes and caution about Forex analysis for USD/JPY

The daily USD/JPY analysis is not just based on technical indicators but also takes into account the overall price action and other aspects which can affect the Forex market in general and USD/JPY price action specifically. Please also note that many times the price mentioned at the time of analysis update maybe different than the entry level suggested. These positions would mean limit orders for buying or short-selling. Hence please do not treat this analysis just as trading signals for USD/JPY.

However, please note that the analysis reflects our views about the currency market based various factors. Forex trading is a speculative market and the price may always have unpredictable moves. We cannot take the responsibility for any losses dues to and positions taken based on our views.

Please check the current USD/JPY Exchange Rate.

You may also check and share any Real-Time USD/JPY Trades in Forum.

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