JPY – USD/JPY technicals stabilize, showing initial signs of bottoming

USD/JPY rose to a three-week high on Friday. Israel and Iran have been engaged in a week-long air war. The Israeli government is trying to stop Tehran's nuclear ambitions. Market participants are nervous about the possibility of the United States attacking Iran, which has pushed the dollar up.

USD/JPY trend, as seen in the technical chart, RSI and stochastic index have risen again. It is expected that USD/JPY may have a tendency to bottom out and rebound. The bottom is still based on 142.50. On the contrary, if it can break through 145.50, it is expected to further confirm the dollar's rebound tendency. The subsequent targets are estimated at 146.30 and 148 levels, and the further key point is the 250-day moving average of 149.75. As for the other key below, the 142 support has been supported since May; the subsequent support will refer to the 140 and the low of 139.56 in September last year.

Forecasted range:
Resistance 145.50* – 146.30 – 148.00 – 149.75
Support 142.50** - 142.00 - 140.00 – 139.56

Focus:
Monday:
Japan's June manufacturing, service and composite PMI preliminary values ​​(08:30)

Friday:
Japan Tokyo area June CPI, May unemployment rate (07:30)
Japan May retail sales (07:50)

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