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02.07.202405:32 Forex Analysis & Reviews: Forecast for USD/JPY on July 2, 2024

USD/JPY

Yesterday, USD/JPY performed a remarkable feat, surpassing the upper boundary of the global ascending channel (161.00). This was likely an automatic response since the Bank of Japan has not yet intervened in the foreign exchange market. Trading volume was average. We see an open target at 163.85, but now there are expectations that Japanese authorities could soon intervene.

Exchange Rates 02.07.2024 analysis

Typically, the BOJ conducts interventions in a calm market, so an auspicious moment would be either today or the beginning of next week. In addition, we are concerned about the behavior of the Marlin oscillator – it barely reacts to the pair's rise.

Exchange Rates 02.07.2024 analysis

On the 4-hour chart, the price mirrors the structure of the intraday rise – prolonged and excessively strong, also typical of an unexpected decline. Here, a triple divergence with the Marlin oscillator has already formed. We await further developments.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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