USDJPY Daily Analysis – June 20, 2023

The USDJPY currency pair has experienced a notable upside move, extending from 133.49 to reach a high of 142.24. This upward momentum suggests that further gains may be in store for the pair in the coming days.

With the recent price action, traders should be aware of the potential for continued upside momentum in USDJPY. The next target for potential resistance lies around the 145.00 area, which could serve as a significant psychological level and a key price level to monitor.

In terms of immediate support levels, traders should focus on 140.91, followed by 139.84. A hold above these levels would maintain the bullish sentiment and keep the upside momentum intact. However, a break below these support levels may shift the outlook and aim for the lower support at 138.42.

In summary, USDJPY has extended its upside move from 133.49 to 142.24, suggesting the potential for further gains in the near term. The next target to watch for is around the 145.00 area. Immediate support levels are at 140.91 and 139.84, with a break below these levels potentially shifting the sentiment. Traders should remain attentive to market conditions, utilize appropriate analysis techniques, and consider both technical and fundamental factors to make well-informed trading decisions.