USD/JPY: technical prospects

USD/JPY tried to recover last week, but failed around 99.00. The picture on the daily chart isn’t very inspiring: Ichimoku sends negative signals. However, the pair’s oversold and on the H4 chart RSI didn’t confirm the recent low.

Resistance: 95.30/40, 96.00, 96.70/80 and 97.40.

Support: 94.00/93.78, 93.55, 92.70/60 (April lows).

The decline below 93.55 (38.2% Fibo of the advance from September lows to May highs) will make US dollar vulnerable for slide to 90.40 (50% Fibo).

We’re waiting for the FOMC meeting results on June 19 for further direction.

Chart. H4 USD/JPY

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