JPY Japanese Yen – The Japanese Yen is still in a high range, assessing the safe-haven demand

The US dollar rose against the Japanese yen on Friday. Israel's attack on Iran has led to increased geopolitical tensions in the Middle East, and the market has bought safe-haven assets. Iran's state news agency IRNA reported that in retaliation, Iran launched hundreds of ballistic missiles at Israel. The US dollar index also rose, ending the previous two consecutive trading days of decline.

The trend of the US dollar against the Japanese yen, as seen in the technical chart, the RSI and the stochastic index fell again, indicating that the US dollar against the Japanese yen will hit the 142 support again. The exchange rate has been supported here since May. Be careful. If it breaks below this area, it is expected that the US dollar against the Japanese yen will usher in a more violent decline; the subsequent support will refer to the $140 and the low of $139.56 in September last year, further pointing to the $138 level. The nearest resistance is estimated at the 25-day average of $144.50, and the next level is $145 and $146.30.

Forecast range:
Resistance 144.50 – 145.00 – 146.30
Support 142.00** - 140.00 – 139.56 – 138.00

Focus:
Tuesday:
Japan's June manufacturing and non-manufacturing business sentiment index (07:00)
Japan's April core machinery orders, May imports and exports and trade balance (07:50)
BoJ interest rate decision (around 11:00)

Friday:
Japan's May CPI (07:30)
BoJ meeting minutes from April 30 to May 1 (07:50)

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